The symbiotic relationship between the Chinese and American economies is old news. To recap: China cheaply produces goods that American consumers buy. China gets a lot of dollars and re-invests those savings in dollar-denomiated assets like Treasury Bills. This keeps the U.S. currency strong vs. the Chinese yuan. It also keeps inflation low and allows us to borrow at very cheap interest rates. In David Brooks’ column today, he recounts a debate between Niall Ferguson and James Fallows about the future of Sino-American relations. Mr. Ferguson thinks that America’s fiscal irresponsibility will lead the Chinese to “decouple” from the American economy by gradually stimulating its internal consumption and shifting assets away from the U.S. Ferguson thinks this process will fuelconflict. Mr. Fallows is on the opposite end of the specturm, arguing China is optimistic about participating in global integration, but frustrated by the U.S.’s lack of fiscal discipline.