China’s Middle Class: Not What You Think It Is

There seems no end to the American delusion that it can and should keep its economy buoyed by

consumption and borrowed money.

But much of Asia is guilty of two related delusions. The first is

that it can ever get back the trillions loaned to the US, except, at

best, in heavily devalued currency. The second, and more recent, is that even

if the US

consumer fad…