by Bill Bonner, Daily Reckoning.com.au:
Amazing how much difference a few years makes. We first visited China in the 1980s. It was an appalling dump. Few cars. Few roads. Almost no decent restaurants or hotels.
Now in Beijing you see large black luxury automobiles everywhere… and modern highways crisscrossing in front of huge hotels and apartment buildings.
The Chinese have made real progress!
Nobody had any money in China in the 1980s. In contrast, today you lose control of your car in downtown Beijing and you are bound to run over at least a couple of millionaires.
“We are very much aware of our extraordinary good fortune,” said a Chinese man in his 50s. “We grew up with nothing. Now we are able to dine in fine restaurants, live in fine houses and travel to other parts of the world.
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