1st
This article was in the Wall Street Journal yesterday about China. It is interesting as there are signs that China might be starting to show some signs of real pressure on it economy.
My theory has always been that China is a house of cards that only keeps its strength from the float that exceptional growth creates. As that growth begins to taper off I think that China is going to very quickly be unable to cover up its sloppiness in the credit markets, environment, energy use, etc. If China cracks which seems inevitable it will be interesting how that will effect the rest of the world.
At this point I do feel that a new area of opportunity will be to get back into manufacturing in the US, especially where flexible factories can make a large variety of products that can be consumed locally. If oil continues to go up, transportation costs will overtake cheap labor as the advantage.