Asia and China's Rise as world leading powers has nothing to do with government nor politic, it would come to being simply because of hardworking people:
"If there is a secret to Asian growth, it is simply deferred gratification, the willingness to sacrifice current satisfaction for future gain." -Paul Krugman (1995)
no one on this planet can dispute the simply fact that Asian like Japanese and Chinese are willing to work and save for their future. it is the people that decide the fate of the world, I find it stupid how you guys are arguing over politic which has little to do with the success of Asia.
the implication of Paul's statement has a profound effect on our understanding of US weakness. US is not a poor country, why can't it invest in it future as heavily as Asian countries? the reason is as stated: the people think of only today's benefit. if American as large private saving, the banks would be able to fund all the investment, instead today's US bank make their profit by borrowing from the government to loan to American for profit. the fact that US banks are making a killing this year due to increase in interest rate for debt is just a sad reality of the shape the US economy is in.
it also means it is easy for them to fix their problem, all they have to do is do what Asian do and start saving!
