A look at economics, positive feedback loops, and perverse incentives, from a Brit perspective, over at El Reg.
Or, why it's vitally important to the national interest (any nation; makes little difference) that you buy a new iThing every two years, and remain addicted to cigarettes and whiskey. (Wild, wild women don't count unless they're taxable in your area.)
Didn't I mention, a few years back, that the global economy was in something very much resembling an aerodynamic stall? And that there were 57 idiots in the cockpit arguing over whose turn it was to pull back on the stick?
Meanwhile in China: discouraging economic data (via). Not that numbers from China are even as trustworthy as numbers from the U.S., but still: it's been obvious for a long time that rich Chinese have been moving assets offshore (investing in Silicon Valley businesses and real estate development, buying or building crazy expensive houses in Palo Alto, etc.) rather than plowing everything back into the domestic economy, so presumably those in the know are anticipating hard times there.
This may be good news for the Valley, in the short term; the more alarming things look in China, the more capital will get dumped here... right? But, sooner or later, the flood of capital will dry up, and all those amazing companies whose business model consists of attracting ever more investment will find themselves in a pickle.