Thomas L. Friedman: Pray that China's bubble won't burst
Thomas L. Friedman NYT
TOKYO Here's what I learned in Tokyo: If you're the leader of Japan, America, Australia, Taiwan, Malaysia, Russia, Thailand, Indonesia, Singapore, the Philippines or the European Union and you're not going to bed each night saying the following prayer for China, then you're not paying attention:
"Dear Heavenly Father, please keep the leader of China, President Hu Jintao, healthy and on an even keel. Please see to it that he moves steadily and carefully toward restructuring the Chinese banking system and ridding it of its huge overhang of bad loans and corruption, before there is a real meltdown that would be felt around the world.
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Give him the wisdom to cool the overheated Chinese economy without creating a recession that would prompt China to stop importing like crazy and start just exporting like crazy. And Father, forgive us for all the bad words we used in recent years to describe China's leaders - terms like 'Butchers of Beijing.' We did not mean it. We meant to say 'Bankers of Beijing,' because their economy is now fueling growth all over Asia, bolstering Japan and sucking up imports from everywhere. May China's leaders live to 120, and may they enjoy 9 percent GDP growth every year of their lives. Thank you, Father.
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Amen."
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