> The thing western economists simply don't understand, or can't relate, is that unlike in most places, the Chinese print money out of thin air without any cent

> The thing western economists simply don't understand, or can't relate, is that unlike in most places, the Chinese print money out of thin air without any central bank lending it to them. Western economists have understood the concept of fiat currency for a very long time. The chinese have used fiat money since the 11th century - "Government-issued fiat money banknotes were used first during the 11th century in China". https://en.wikipedia.org/wiki/Fiat_money https://en.wikipedia.org/wiki/Fiat_money And fiat money has been the dominant form of currency since the 1970s. "Since President Richard Nixon's decision to suspend US dollar convertibility to gold in 1971, a system of national fiat currencies has been used globally." Why you think western economists don't understand something so basic as fiat currency is beyond me. Especially since it was the western economists who created the modern global economic order. > I suppose they can't come out and say it because it would lead to very uncomfortable questions about why China can simply print money, but we have to get it from the banking cartel. What uncomfortable question? Everyone knows about fiat currency and we are taught why we have a "banking cartel" in every econ 101 class. Put "china" next to any mundane topic and people get unhinged. The modern chinese economy was created primarily with the help of western economists. Nothing about the chinese economy is a mystery. Especially to western economists.