I wouldn't be so quick to write off the economic know-how of the leaders of the most financially successful nation in the world today. Chinese leaders come into their jobs better prepared than most because they've been on the "leadership track" for years. True, there's a massive, dumb, inert bureaucracy to deal with and a local government system which frequently leaks money and political direction like a sieve, but it has produced alot of wealth (albeit raw, smelly and often ill gotten) in a very short period of time. I wouldn't argue that the average economics student wouldn't know quantitative easing if you gave him a copy of the Economist and a tub of vaseline but those at the very top are a different matter.
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