The more I sit with this China story, the more it feels like the headline is trying to say two opposite things at once — that China is slowing down, and that China is still holding all the cards. And honestly, both are true. That's what makes it so maddening to read. Take the 4.3% number. In most countries, you'd take that and run. In China, it reads like a warning light. The property market is still broken. Local governments are buried in debt. Young people can't find decent work. And regular households — they're just sitting on their money. Not because they're rich, but because they're scared. Scared about their job, about what their apartment is actually worth, about what happens if someone gets sick, about whether their kid will have it better. When people feel like that, they don't go out and spend. They hoard. So domestic demand stays weak, and the whole economy has to lean harder on the same two crutches: exports and state spending. That's not...
I keep going back to that passenger manifest from Riyadh. Four Saudis. Two Bangladeshis. One American. One Egyptian. One Jordanian. One Syrian. One Palestinian. One Sudanese. Twelve people. Seven countries. One terminal at King Khalid International. Same minute. Same blast. 309 injured, some still critical, some probably will not make it through the week. I keep reading the list because I can't get past how ordinary it is. How unimportant these people were supposed to be. In the best sense of that word. Not soldiers. Not a base. Not a ministry building. Travelers. If you've ever been in that airport you know what that hall looks like. Low light, too cold from the AC, that smell of coffee and cleaning fluid. People dragging suitcases with busted wheels. Kids asleep on backpacks. Workers in line to go home to Dhaka after a two-year contract. An American contractor probably in a polo shirt, laptop bag. A Palestinian with a transit visa trying to get to somewhere that will let him ...