China is about to adopt its 11th five-year plan, setting the stage for the continuation of probably the most remarkable economic transformation in history, while improving the wellbeing of almost a quarter of the world’s population. Never before has the world seen such sustained growth; never before has there been so much poverty reduction.

After handing billions to rich Americans through tax cuts, the Bush administration is passing the begging bowl around, asking for contributions from other countries to help to pay for the Iraq war. Meanwhile, the US trade deficit is mounting. The world’s richest country borrows more than a billion dollars a day.