Non conformers are drowning in debt because instead of letting your financial system iron out its efficiencies; your governments have chosen to artificially inject stimulus which did nothing to help the situation.
Asian did not face this crisis because money and power is accumulated in the hands of few and they can actually withstand any financial meltdown because they are not answerable to any one.
I'm not saying they don't have debt, but they have consistently posted positive growth throughout the financial crisis, whilst maintaining a GDP debt percentage of < 20%. U.S has been in recession, and it's debt percentage is > 60%...
Sensationalist news articles that quote unknown economic groups are hardly a 'source of truth'. I'll stick with the officially reported numbers (from the IMF[1]) until someone successfully proves they are false.
The key word in your reply is "posted". The evidence that China is lying through their teeth isn't exactly hard to come by. I'll believe they're a shining economic star whose brilliant management of the debt crisis has allowed them to escape unscathed if they can survive the next three or four years without a major crisis, caused by dodgy numbers, poor lending practices, and amazingly bad mismanagement of resources, the evidence of which is staring anybody in the face who isn't so besotted by an ideology in which China must be better than the US that they have been rendered incapable of seeing it.
Ah, how we fail to learn from history. It isn't as if we don't have decades of experience pointing out how "Communist government" and "gamed economic numbers" go together like chocolate and peanut butter. Remember how the USSR was a raging economic lion that was going to "bury us" through their amazingly productive economic practices and we were doomed, doomed, doomed before their mighty centralized economic might, until it was revealed that they were basically a third-world country with nukes and a credulous Western cheerleading squad? Maybe not, maybe you're too young, but I'd suggest spending some time with that chunk of history. It has a lot to say about China today. Way more than the credulous cheerleading squad would like to admit.
If you read the article, there are people in Asia that have realized this already. If not already, they will eventually when they keep asking the Steve Jobs question.
