The future needs more than geopolitical rivalry, and the issue of democracy, while hardly the case with the US, will haunt the Chinese system if it attempts to control the future beyond barbarism, capitalism or not.
The US has an opportunity to produce a true ‘democratic socialism’ that can also deal with the issues of technology and markets. The pseudo-communism of the Chinese sphere is ironically a fatal weakness, while the same is true of the Us/West in a related but different sense.
Competing with China on technology in the context of US militarism is likely to destroy what is left of US so-called democracy, which, however, at least has a democratic format, which can be upgraded (in a miracle of possibilities) while the Chinese case is stuck in a Stalinist hangover.
While predicting an immediate boom in the U.S. economy “that could easily run into 2023,” Dimon had grimmer news on the future as well. “China’s leaders believe that America is in decline,” he wrote in his annual letter to the company’s shareholders. While the U.S. had faced tough times in the past, he added, today “the Chinese see an America that is losing ground in technology, infrastructure, and education—a nation torn and crippled by politics, as well as racial and income inequality—and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals.” He was forthright enough to say, “Unfortunately, recently, there is a lot of truth to this.”