2/8

only part of the story. It has to be seen more generally within the context of the bigger "deglobalization" story, in which anti-foreign and anti-immigrant feelings, along with geopolitical tensions, are rising everywhere.
3/8

It is this bigger story that explains why the US has turned against countries in Asia and Europe that could have been allies against China, why everyone in Europe hates everyone else, and why anti-immigration policies everywhere are such vote getters.
4/8

It also explains why China, one of the most aggressive beneficiaries of a faltering global system, is so unpopular, but it is nonetheless the peculiar blindness of Chinese analysts – even those who are supposed to be experts in foreign relations, as this article amply...
5/8

demonstrates – that while foreign perceptions towards China are plummeting everywhere, with anti-China feelings in many countries much worse than they are in the US, they cannot conceive of any explanation except dastardly foreign subservience to Washington within the...
6/8

larger context of a US-China conflict. In their views, Australian and Swedish anger towards China, for example, cannot possibly be caused by Chinese actions towards either of these countries. Even the foreign affairs of India – a country with a famously difficult...
7/8

relationship with the US and with an obvious domestic catalyst for their views on China – can only be understood by them as subservience either to Washington or to Beijing.

The truth, in my opinion, is that we had all better get used to a deteriorating global environment...
8/8

and understand that this will almost certainly continue until there is a major – and probably messy – adjustment in the global trade and capital regimes. Some form of deglobalization may be necessary, but deglobalizing worlds are always difficult and unfriendly ones.
You can follow @michaelxpettis.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:

By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.