Submitted By: Mark Polydoris

Since reading The Post-American World, I’ve become something of a Fareed Zakaria nut. I’ve spent some time reading his articles in Newsweek and watching him on CNN. Between the financial crisis, the election of Barack Obama, and the attacks in Mumbai, I keep asking myself: What would Fareed do? (I’ll have WWFD shirts available by our next GSBA meeting).

Zakaria’s latest article in Newsweek discusses the bailout and how China and US relations are more important than ever. According to Zakaria, it is virtually certain that China will be buying up a lot of US public debt, almost 10 percent of it. China wants to keep the US economy alive so we keep buying their stuff (apparently from the dollar store where Dr. Carr shops), but now it has the option of jump-starting it’s own economy since its citizens are able to spend large amounts of money. Either way, as the article states, China has options, and America doesn’t.

Talk about living in a post-American world! The article’s description of “Chimerica” paints a vivid picture where the fate of America is locked in with that of China. Are we already living in a post-American world when China can afford to finance both its economy and ours? Is there really a “Chimerica” if China has the option to simply finance itself? Can China achieve economic independence without relying on American consumption?