The World Economy Is Recovering

While liberal Americans drop to their knees to confess their abiding guilt for their achievements, the whole world is watching, and laughing. If liberal white guilt could cure America of racism, we would have no racism. 

And, major parts of the world are restarting their economies, figuring that productive enterprise contributes more to the world economy than does white liberal guilt. Fancy that. The meaning of the guilt is simple: the people who are committing violence in the streets, who are mounting an insurrection against the government, are not responsible for their actions. The fault lies in the crimes that white people have committed against black people.

For that, white liberals are now atoning.

Lo and behold, David Goldman reports that China is leading the world economic recovery. Remember when we Americans declared that we were going to take back our industries from China. Remember when American Congresspeople announced that they were going to punish China for lying, cheating and stealing. Remember when the denizens of the American right trotted out the shopworn Obama slogan-- You didn’t build that-- and applied it to China.

Well, now, America’s major cities are descending into anarchy and China is going back to work.

Goldman reports the news:

Caixin’s manufacturing survey for China showed a positive reading of 50.7, while the comparable Markit PMI Index for the US in May came in at 39.8. The Caixin services reading reflects a broad sample of privately-owned business, and suggests that Chinese consumers are spending freely. By all indications, this is a grass-roots economic boom rather than an investment-driven expansion driven by state spending.

China’s stock market is the world’s best performer in US dollar terms among the world’s major venues.

Moreover, China has found a way to compensate for fewer exports to the United States:

Part of China’s resilience despite contracting Western economies stems from a reduction in its dependence on US exports. China’s exports to the US in nominal dollars are virtually flat over the past eight years, while exports to Asia have risen by 32%. As I reported May 20 (“The Asian Century Began in May 2020”), intra-Asian trade boomed during April as the major Asian economies went back to work.

And China appears to have the coronavirus under control:

China has claimed virtually no new cases of Covid-19 infection since March. In a high-profile sweep, the entire 11 million population of the city of Wuhan was tested last month, and the authorities reported 200 previously undetected cases of asymptomatic Covid-19. According to Chinese authorities, there are only 72 active cases in the entire country. Some Western critics have challenged China’s reporting, and there is no way to verify or refute government data on the rate of new infections. Interviews with residents of major Chinese cities, though, suggest that conditions are not much different from those in Seoul, Taipei or Hong Kong, where infection rates are extremely low.

Such is not the case in America:

New cases in the US are still running at around 10,000 a day, led by Florida, Arizona, North Carolina, New York and Maryland.

So, while storefronts around New York City are boarded up, while America’s cities have descended into a paroxysm of violence and guilt, the world moves on. Apparently, without American leadership.