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Is China about to implode? Paul Krugman is worth a read on the subject, though in the end he doesn’t know any better than anyone else. For what it’s worth, the one encouraging thing I’ve consistently read about China is that their property bubble is largely driven by cash purchases, not debt. And non-debt bubbles, like the dotcom bubble, are inherently less destructive when they burst than debt-driven bubbles.

Of course, even a non-debt bubble can cause a lot of damage if it comes on top of an already fragile world economy — an economy that will be more fragile yet if Europe continues along its self-destructive path. It’s sort of hard to believe that America might have the best managed large economy in the world, but you know what? We might.

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LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

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And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

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