China's errors seem to be ones of engineering: Overbuilding.
America's errors seem to be ones of lacking fortitude: constantly increasing over spending.
If neither change, china is headed for continued growth and maybe some painful re-allocations of capital, while the US is headed off of a cliff.
A representative sample of China's Politburo:
Hu Jintao, 62, president of the People's Republic of China, graduate of Tsinghua University, Beijing, department of water conservancy engineering.
Huang Ju, 66, graduate of Tsinghua University, department of electrical engineering.
Jia Qinglin, 65, graduate of Hebei Engineering College, department of electric power.
Li Changchun, 61, graduate of Harbin Institute of Technology, department of electric machinery.
Luo Gan, 69, graduate of Freiberg University of Mining and Technology, Germany.
Wen Jiabao, 62, premier of State Council, graduate of Beijing Institute of Geology, department of geology and minerals.
Wu Bangguo, 63, graduate of Tsinghua University, department of radio engineering.
Wu Guanzheng, 66, graduate of Tsinghua University, power department.
Zeng Qinghong, 65, graduate of Beijing Institute of Technology, automatic control department.
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A representative sample of the US Senate:
... 100 people who are pretty much all lawyers
Not saying this implies anything, but my money's on the government run by engineers.