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We hypothesize that the correct power counting for charmonia is in theparameter Lambda_QCD/m_c, but is not based purely on dimensional analysis (asis HQET). This power counting leads to predictions which differ from thoseresulting from the usual velocity power counting rules of NRQCD. In particular,we show that while Lambda_QCD/m_c power counting preserves the empiricallyverified predictions of spin symmetry in decays, it also leads to newpredictions which include: A hierarchy between spin singlet and triplet octetmatrix elements in the J/psi system. A quenching of the net polarization inproduction at large transverse momentum. No end point enhancement in radiativedecays. We discuss explicit tests which can differentiate between thetraditional and new theories of NRQCD.Comment: 18 pages, 1 figure Replaced plot of the psi polarization parameter  alpha as a function of transverse momentum. Alpha is now closer to zero for  large transverse moment

Power counting and effective field theory for charmonium