What China thinks about the debt ceiling debate

Niall Ferguson is maybe the smartest guy at Harvard: "China has its own economic problems, to be sure. But they are the problems of a rising power. From Beijing’s standpoint, America’s problems are plainly those of a power in decline. We didn’t just raise a ceiling last week. In Chinese eyes, we also fell through a floor."

Read the whole article.

Then read what Janet Daley thinks in the Daily Telegraph
"Contrary to what the Obama Democrats claimed, the face-off in Congress did not mean that the nation’s politics were “dysfunctional”. The politics of the US were functioning precisely as the Founding Fathers intended: the legislature was acting as a check on the power of the executive."

The orderly chaos within the Rule of Law of American politics is far better - morally, economically and in every other way - than the chaotic order under the Rule of Men operative in Communist China. The opinions of the president, Tom Friedman and Van Johnson notwithstanding.