China Approaches its “Great Depression” Moment

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China is a large, complex power. But over the past decade, China’s power has been vastly overestimated… Public opinion is a poor guide for judging national power. China is now entering a period most powerful nations go through, and a worshipful world will now exercise contempt. With contempt comes an appetite for changes in foreign policy. But in the case of China, I see the risk of war, minimal in the past, disappearing along with vast amounts of money China used to make itself seem a global power.

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China is a giant “growth facade,” appealing to the easily fooled, but the national failure is clear to see for those with a better perspective.

China is in the midst of a systemic failure based on the increasingly irrational allocation of capital driven by market forces and state policy. It…

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