Bill Gates heralds the Chinese brand of capitalism, a "corporate kinder" flavor of capitalism minus all the messy machinations of democracy with a plentiful dosage of bribery and authoritarian style corruption. Celebratory remarks by Gates on China were peppered with his public pronouncement that he's betting against the U.S. dollar.

Other technology CEOs have been quite brazen in their embrace of China, including CISCO CEO John Chambers:

China will become the IT center of the world, and we can have a healthy discussion about whether that’s in 2020 or 2040. What we’re trying to do is outline an entire strategy of becoming a Chinese company.

I've stated it repeatedly -- what's good for corporate America is not necessarily good for America -- but most Americans are still hoodwinked. Look to the economies of Latin America for where this transformation and subsequent destruction of the middle class is going to take us.