Many islanders interested in the Pacific region have watched in amazement at the phenomenal economic growth of the People's Republic of China over the past 20 years or so. The MVA is looking at the country and its growing affluent population of young adults as a market for the islands’ tourist sector. That’s a good thing.

I don’t normally discuss books in this column but for those interested in the Asian economy of the 21st century I recommend two interesting books, The World Is Flat by Thomas Friedman and China Candid by Ye Sang. These books will provide a background on the PRC’s growing influence on the world scene and the United States economy in particular. China alone has a population of 1.2 billion people and a fast developing economy and a growing and affluent market for many consumer products.

That stated, there is a fascinating article in the January issue of the Atlantic Magazine by economist and national correspondent, James Fallows titled, "The $1.4 Trillion Question." Before I go any further, let's look at this stupendous sum. The enormity of a trillion dollars is almost impossible for the average person to conceive. It is an astronomical, thousand billions ($1,000,000,000,000). That’s a lot!

To maintain a degree of perspective the U.S. population is 301 million, a fraction of that of China, with the U.S. national debt of a mind numbing $9 trillion, prompting U.S. Sen. John D. Rockefeller (D. W.Va.) to state, "We have a government that has no money." The United States has seriously eroded its international financial standing as a result of its trade and account deficit, which are sustained only because foreign entities such as China purchase U.S. stocks, bonds and other assets.
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