China has a benevolent dictatorship, we have a malign oligarchy.

“A benevolent dictatorship has one advantage; it can get things done. When China decided to build monopoly in rare earths, it goes about it without opposition or debate. In the US democracy, it's almost impossible to choose a course for the nation. Every idea, every strategy is debated and opposed by one or both political parties. As a result, in national emergencies the US responds only slowly. China has the advantage of being able to hire the best minds in the West and then apply their experience and know-how to China's growing store of knowledge. The Chinese population has a fierce work ethic. The people of the West (particularly in Europe) have a ‘vacation ethic’ and a ‘government will take care of me’ psychology that is rendering them less competitive. China is patient, and thinks in terms of the future. As a result, China is running around the world buying up reserves in raw materials and staking out claims for agricultural land and mining sites where ever they can find them. In contrast, the US is building up ’impossible’ debts and in doing so mortgaging its future.” - Richard Russell, Dow Theory Letters, 11-22-10