Beware of the boogeyman, or not.

In the Eighties everyone talked about how Japan Inc. was going to surpass the US as the world’s leading power then the steam ran out of their economy and they have spent the last decade stagnating and trying to things moving.

The came Germany and the EU, with new stronger unity and a warm glow cast by the Euro currency. Then they gave actual European citizens a voice and things suddenly came crashing down. Riots, staggering unemployment and governments who can only think to raise taxes as an answer to their economic slow going.

And of course who can forget fears that the Soviet Union would won day over shadow us. Harrumph.

In all three cases the eventual collapse, obvious in hindsight, wasn’t for one second imagined. Right up until the moment the rug got pulled out people were dumb struck, like deer in headlights, at what appeared to be strong economies.

Oh! But let’s not forget the Asian Tigers, in the mid Nineties it was the grouping of small economies of Malaysia, Singapore and other Asian Rim countries that were out to leave us choking on their dust as they became the engine of the world. Then came the “Asian flu” – a flu that effect economies and not birds – in 1997 and they haven’t made a peep since.

Today it’s China’s turn to be the unstoppable force that will knock the US off the top of the hill. Will they? While it is certain fact that the US won’t be on top forever, there are also a ton of reasons to doubt the assumption that China will be the one to do it.

Here’s one to think about…

"We are not allowed to buy food outside the village. They asked the nearby villagers not to sell us goods," the woman said, sobbing. "The government did not give us proper compensation for using our land ... Now they come and shoot us. I don't know what to say."

China, in a eminent domain move that would make the libs on the SCOTUS beam like proud parents, have taken land from rural peasants (yes, peasants) for the governments own use. When the people protested against the move the communist government sent in the troops. A country with no civil liberties, no representative government, a country that still has friggen peasants is handed status as crown prince, waiting in the wings to seize power from the tired aging king.

China may leap us or they may implode first. I believe it will be the latter, and I have the Third Generation Law backing me up, and then perhaps it will be India’s turn in the on deck circle.