from Sovereign Man:
In astronomy, there’s an important concept known as ‘parallax’, which refers to how a star’s position appears to change based on the position and motion of the observer.
The earth is constantly moving along its orbit around the sun. And as this happens, the position of a star in the night’s sky will appear to change slowly, gradually over time.
There’s a great view of the Southern Cross constellation from our farms in the south of Chile. But as the seasons change, the constellation appears to move very slightly, even though the stars themselves haven’t budged an inch.
Small children discover an earthly example of parallax when they find that the position of an object appears to change slightly as they alternate closing their left and right eyes.
The idea is that the exact same object can appear to be different, even though neither you nor the object has moved an inch.
Examples of parallax are everywhere– just look at China.
If you close your left eye, China appears to be in a massive financial crisis thanks to a bursting credit bubble that has the potential to drag most of Asia, and possibly the world, into an era of massively depressed trade and asset prices.
But if you close your right eye, China has already become the world’s second largest economy (and by some measurements the largest), and has accumulated more savings than every other nation on the planet.
Plus the Chinese renminbi’s acceptance in foreign reserves, global payments, and international trade settlement is growing rapidly, and it even looks likely that the renminbi will be be anointed soon by the IMF.
These are two completely conflicting views of China. And yet they’re both accurate.
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