Ruchir Sharma's Entry in the "Most Things Wrong in a Short Column" Contest

I'm shorting Morgan Stanley after reading the NYT column on China by Ruchir Sharma, the head of emerging market equities at Morgan Stanley Investment Management. The piece begins by telling readers:

"more than half of Americans think China is already the world’s leading economy — an astonishing misperception, given that China’s gross domestic product is still less than half of America’s."

That is not what our friends at the IMF say. On a purchasing power parity basis, which assigns the same s...