Krugman Makes Sense? Believe It

Rare is the Paul Krugman column that doesn't cause me to sneer in disdain, but the most recent one, probably because it doesn't deal with the Bush administration, is pretty much on the money, as far as I can see. Sure, Krugman being Krugman, there are the quick snide remarks thrown in the administration's general vicinity, but they aren't the focus. Instead, Krugman talks about the Chinese challenge.

Krugman sees a China that is America's strategic rival in ways Japan, with its limited population and land mass, could never be. Does anyone doubt that an increasingly market-oriented, more prosperous China will change the equations? As the Chinese economy grows, they will continue to demand more and more oil, for example; in addition, as Krugman points out, they've got a lot of dollars to spend, and the Unocal bid is a good example of their increased economic clout.

North Korea is worrisome because it is ruled by a madman; China, however, is a longer term - well, that's the question, isn't it? A longer term threat? Or longer term opportunity? How the U.S. manages its relationship with China may yet be the large canvas the 21st century is played out on...