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Remember the fear of a japanese (economic) takeover of the US in the 80's? The threat of the booming asian tigers in the 90's?
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Remember the Thailand crash in 1997 and how some crazed NY traders ran down the Thai currency in some weeks, taking apart the whole Asian economy, like some later did to Argentina? Now THAT ended the Asian boom, for whoever would percieve that as a threat.
Oh, and quite every stock-based economy on the world right now is built on hot air. I won't extend on the dangers of stock-options, and how some more Enron-like affairs could turn it all to ashes precisely because of the US-Asian dependence.
Look how Boeing is trying to sue Airbus on EU-government loans? Where is the difference with China? The Chinese government is horribly corrupt, but the rising generation is bound to make it their own way at whichever cost.
The Asian bubble can plop anytime now, but itis too late for making profit whit it, since that would be at everyone's expense. So I guess everyone will go on filling it up with sheer faith, just like the dollar bubble or any other!