We could also make a determined push to change our economic model. That requires the political will to direct the economy in a particular direction, and to invest.
But, in any case, we would be allowing China to do our deleveraging for us.
In other words, borrowing from china what we'd otherwise borrow form each other (even if that borrowing is just rolling over of past debt) is a net positive. But we can use this for our long-term benefit or just piss it away and have another crisis a few years down the line. By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
