BRIEFING: “China’s economy: Reflating the dragon; Can the world’s fastest-growing economy avoid a sharp downturn?” The Economist, 15 November 2008. WORLD NEWS: “China’s Stimulus Will Lift Oil Demand: Rebound in Nation’s Consumption Could Bolster Prices, Though Impact Could Take Months,” by Shai Oster and Neil King, Jr., Wall Street Journal, 11 November 2008.

The odd claim now from some experts that “only China can save capitalism.” Oh, those running dogs better run pretty fast! A $600B stimulus package is most welcome, or basically the same path Beijing undertook during the Asian flu (build, build, build!). I mean, the country can’t sell what others won’t buy. The slack in the system—dare I say it—is the lack of gross public debt held by China. Chart makes it clear: Japan’s public debt as a % of GDP is about 170, the Euro area is about 70%, the US is about 60%, and China is only about 20% (indeed, all the New Core pillars have low debt percentages). So bring on the New Deals! Already, experts are saying the stimulus package, being focused as it is on infrastructure and transportation, will lift global oil demand (and presumably, prices). So fear not, Mr. Friedman, your green revolution has only been slightly delayed where it counts.