New rail bridge over the Yangtze in Jiangsu ProvinceThere has been beaucoup bloviating over China's proposed $586 billion stimulus plan, much of it to the effect that we Yanks could do an awful lot for our own crumbling infrastructure with that kind of dough.
I found all this talk kind of dissonant but couldn't figure out why until Barry Ritholtz over at The Big Picture set me straight: China has a centrally planned and carefully managed economy. It is not proposing new spending that did not previously exist. It is merely moving resources from one region to another. So there.