…The U.S. elites didn’t anticipate the rise of China because they couldn’t believe that a country so different from ours with a repugnant political system could succeed. Gordon Chang first published his book The Coming Collapse of China in 2001 — since when, China’s economy has quintupled in size. China succeeded, and kept succeeding. Yet we continue to hear (for example from Steve Bannon on CNBC yesterday) that China’s currency and economy will collapse if we give them a swift kick. Steve is a friend, but in this case he’s catastrophically wrong.