This is CBS Eye on the World.

Here's John Batchler.

The global economy, the American economy, the Chinese economy.

I welcome Joseph Sternberg, editorial board of the Wall Street Journal, as well as writing

political economics column.

He's based in London.

His most recent column, Observing China, once upon a time, 2009.

The US and the global economy was in trouble.

The real estate collapse was pulling everyone down with it.

And then my memory is that China snapped its fingers and three or four trillion dollars

worth of credit appeared.

We could now call it a bailout.

That was then.

This is now.

Joe, a very good evening to you.

The Chinese economy is profoundly in trouble.

It's very difficult to see because it's non-transparent.

Did you have one rye observation in your newest column about China?

Is that the Chinese counted on us buying everything they manufactured forever?

It apparently didn't occur to them that there was a limit to what we would buy and what

they could sell.

So has that revelation now caught up with the leadership?

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