Mr Schmit seems exactly correct in identifying greater investment is needed in R&D to respond effectively to China’s technological charge.
It might seem unlikely if most wealth seems tied up in private hands, not much seems available to be invested towards public interest.
But it should not be forgotten that the real wealth is still with the majority of people, no matter how much gold or other assets a minority might be sitting on, it is worth nothing, if it empowers nothing.
The real wealth is where real R&D comes from, it just needs to be empowered.
We’ve already seen how that can be done with financial stimulus.
That does not need to be underwritten by gold, or any other assets, as we can see, it empowers people nonetheless.
This realisation is the one advantage the West might have over China, and which could now be used to rapidly regain collaborative yet competitive position.
Do we realise it yet?
Time will tell.