The developer\u2019s collapse isn\u2019t leading to global contagion, but China\u2019s looming economic\u00a0disaster might.<\/b>
\nA major mistake of the Cold War was the tendency of Western observers to overestimate the Soviet Union. I have often wondered if the same mistake is being repeated with the People\u2019s Republic of China. Then again, for every article over the last 10 years that predicted China\u2019s economy would overtake that of the U.S., there were at least two prophesying a \u201cChina crisis.\u201d \u201cThe endgame of Chinese communist rule has now begun,\u201d wrote David Shambaugh in 2015. Wisely, he added: \u201cIts demise is likely to be protracted.\u201d That same year, Jim Chanos of Kynikos Associates warned, \u201cWe\u2019re getting inexorably to a tipping point in China.\u201d<\/p>\n