Doug Noland: "Out of Thin Air"

``... intermediate- and long-term risks are rapidly escalating. Regrettably, China has prolonged its "Terminal Phase" of excess, with dire consequences. Extending the life of the global Bubble comes with similar risks. At the same time, the building of a non-U.S. alliance and competing global financial infrastructure unfolds in earnest. Clearly, the Chinese military is preparing for a world that is changing in profound ways. The U.S. military has begun to adjust as well. ''