An excellent interview in The Atlantic with Gao Xiqing, who is managing $200 billion of China’s $2 trillion in dollar holdings: “Be Nice to the Countries That Lend You Money” Brilliant to see the difference in perspective.
People, especially Americans, started believing that they can live on other people’s money. And more and more so. First other people’s money in your own country. And then the savings rate comes down, and you start living on other people’s money from outside. At first it was the Japanese. Now the Chinese and the Middle Easterners.
We—the Chinese, the Middle Easterners, the Japanese—we can see this too. Okay, we’d love to support you guys—if it’s sustainable. But if it’s not, why should we be doing this? After we are gone, you cannot just go to the moon to get more money. So, forget it. Let’s change the way of living.
Not so serious, but there is also time for that: