Summer has passed and so has the idea that the financial world was stepping off a precipice.
China, one of the main excuses for the doomsday scenario, seems to have stabilized. Actually China is going through a once in a lifetime transition, moving from a 19th/20th century manufacturing economy to a 21st century service/consumer driven one. Current statistics suggest that it is roughly half accomplished. So this is a classic case of the glass being half full or half empty. Manufacturing is slowing thereby giving voice to those who have embraced the thesis that China’s economy is seriously slowing down. Yet if one would bother to review China’s focus on service and consumer, one would likely discover that these sectors are growing double digit.