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Here were two countries separated by the Pacific Ocean, one shaped by freewheeling capitalism, the other ruled by an authoritarian Communist Party, yet conjoined in an enterprise so consequential that economic historian Niall Ferguson coined a term: Chimerica, shorthand for their "symbiotic economic relationship."

They can actually go in the direction they want and with infrastructure projects and that sort of thing. >> yes. that might be what the "new york times" thinks but you also have to remember that were not allowed in to see many of these problems in china. when you have 3,000 people out on the streets protesting because their kids are drinking bad polluted water, or their property has been taken away. were not allowed in there to report on that. so we actually dont have any idea of the breath of t...

Look, germany is an export juggernaut as well. but we dont think of germany as being a major economy. although we did in the 1980s. i think there is some historical perspective that we have to bare in mind. i remember when i was in high school and college, everyone thought that japan was going to be -- japan as number one. your generation sputnik- [ laughter ] >> paul: you are going to pay for that one. >> you had the hysteria about soviets beating us as well. this is a bit of an old story about...