10/15/2013 01:58 pm ET Updated Jan 23, 2014

Sure, China, Why Don't You Run the Global Economy

America's biggest creditor, China, in a scathing editorial published by its official news agency, takes a few shots at the U.S. budget fight, hinting its time for them to call the shots:

As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world." -- Xinhua

This, from a country that locks workers inside their squalid factories so that they can't even leave when their lives are threatened by fires and gas leaks.

Spare me the jazz that China is full of economic geniuses, and the prognostications that its huge population will one day rule world markets. China has had one of the planet's biggest populations since the 14th Century and missed every worldwide economic transformation that came along since.

But isn't China on a roll now? OK, they leapt to a slot as second largest economy, thanks to pitifully low wages and income inequalities that maintain a third-world society with high illiteracy rates and factory workers locked in death traps. Add an unstable currency, social unrest, possible civil wars -- and we're hardly looking at a fitting applicant for economic leader.

China also sucks at entrepreneurship and innovation, the drivers of truly great economies. Name anything of value actually invented in China (since gun powder in the 10th Century). Their real expertise is in producing, merchandising -- or stealing -- products invented elsewhere. And that won't last if their population ever gets fed up with providing cheap, oppressed labor.

In other words, if Bill Gates or Steve Jobs had been born to a lower class family in China they probably would have burned up in a factory explosion long ago.

And how about their command-and-control political system that still locks up dissenters, lets government bureaucrats dominate business, and throttles the Internet? Yeah right, we all want some of that.

China thinks it can build a de-Americanized world and lead the global economy? Can't think of a better proposal to make sure the rest of the world keeps the U.S. in the saddle. That'd be like putting the Tea Party in charge of Congress (Oh, wait ....).

Craig Crawford publishes the news commenting forum Trail Mix