The last time – in late 2008 – that economic peril was stalking the US and Europe, China marshalled the might of its state-directed economy and engineered a muscular rebound that led the subsequent global recovery. This time, though, Beijing is feeling a lot less muscular.
The exertion of its last effort has sapped internal resources so thoroughly that the pertinent question today is not whether China can once again guide the global economy away from the rocks but whether Beijing retains decisive control over its own economic levers.
Read Full Article »