This is the American Century

I've taken guff -- yes, guff, it's a word -- from many readers over my view that there are extreme limits on China's long-term potential and that the 21st century is/will be the American Century.

Or, more broadly, the North American Century.

Consider our (relatively) strong economy. Financial sectors (yes). Research universities. Fiscal transparency. Democratic governments. Tremendous natural resources. Borders on the Pacific and Atlantic oceans (and the Arctic).

Enligsh and Spanish-language culture.

Yes, shit is fucked up and bullshit as they are saying but all of these problems are extremely 'fixable'. Unlike, say, China, which is surrounded by countries that do not like it, has a billion dirt-poor people, limitations on resources, a failed political structure and no experience leading the world.

You no longer have to believe me. The Telegraph writes that "world power swings back to America"

A "tipping point" is near in computers, electrical equipment, machinery, autos and motor parts, plastics and rubber, fabricated metals, and even furniture.

"A surprising amount of work that rushed to China over the past decade could soon start to come back," said BCG's Harold Sirkin.

The gap in "productivity-adjusted wages" will narrow from 22pc of US levels in 2005 to 43pc (61pc for the US South) by 2015. Add in shipping costs, reliability woes, technology piracy, and the advantage shifts back to the US.

The list of "repatriates" is growing. Farouk Systems is bringing back assembly of hair dryers to Texas after counterfeiting problems; ET Water Systems has switched its irrigation products to California; Master Lock is returning to Milwaukee, and NCR is bringing back its ATM output to Georgia. NatLabs is coming home to Florida.

Boston Consulting expects up to 800,000 manufacturing jobs to return to the US by mid-decade, with a multiplier effect creating 3.2m in total. This would take some sting out of the Long Slump.