Those pesky base effects. For most of the world’s economic data, these have contributed much to creating the misimpression the global economy is doing well, if not on fire. By comparing data now (or a month ago) to the same a year earlier, boy can it look splendid. In the stock business, they’re called easy comps. The Chinese, however, have just upended the whole love affair. And more than any other place on Earth, much more than the American economy once overflowing with digital product of Treasury’s helicopter, it is China’s grand ability which means economic life or death for much of the rest of the planet. ... (full story)