The president's goal

The man in the White House has now weighed in, along with myself and the DR editors on China's threat of the "nuclear option."  From an interview with Neil Cavuto:

It is in the interest of the United States, Neil, in my judgment, that we encourage the Chinese to go from a savings economy to a consumer economy and then have access to those markets so that U.S. producers and service providers can expand their businesses and therefore create more jobs here at home.

A real reporter would have followed up by saying, "How?"  But Cavuto's not a real reporter.  Or if he did ask, it was left out of the edited version, for surely the answer would have been an inarticulate hash. 

How indeed?  Just the notion that the goal is achievable, that it's somehow within the power of the U.S. government to transform China from a nation of savers to a nation of consumers, is itself breathtaking.  I dare say, even more breathtaking than the notion it's within the power of the U.S. government to transform the Middle East into Jeffersonian democracies.

The Daily Reckoning