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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: John Vosilla who wrote (48324)12/29/2005 8:22:29 AM
From: GST  Read Replies (1) of 110194
 
There is no question that Europeans did not understand the rise of America any better than we understand the rise of China. By not setting foot there yet thinking that you have solid reasons to reach meaningful conclusions you are deluding yourself in my opinion. The problems and challenges are huge and things like misallocation of capital and issues with the environment, the banking system and many others loom large. But for far too many this becomes a way of grossly misreading what is actually going on in China.

Let me use an analogy -- if your only contact with America was a tv set, you would think we spent most of our days either gunning people down in the streets or avoiding being gunned down in the streets. Crime in America is indeed rampant, but ask yourself whether you would accept the idea that violent crime totally dominates your life day to day. My point is that ignorance breeds misinformed fantasy. And ignorance begins with distance -- geographic distance, cultural distance, etc. I hear so much ignorance shared about China that I feel compelled to point out it is most often provided by people who have never even been there.
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