Age of America Nears End

Chinese Economy to Surpass U.S. by 2016

For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.

And it’s a lot closer than you may think. According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now.Put that in your calendar. 

It provides a painful context for the budget wrangling taking place in Washington right now. It raises enormous questions about what the international security system is going to look like in just a handful of years. And it casts a deepening cloud over both the U.S. dollar and the giant Treasury market, which have been propped up for decades by their privileged status as the liabilities of the world’s hegemonic power. 

According to the IMF forecast, which was quietly posted on the Fund’s website just two weeks ago, whoever is elected U.S. president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy. 

Most people aren’t prepared for this. They aren’t even aware it’s that close. Listen to experts of various stripes, and they will tell you this moment is decades away. The most bearish will put the figure in the mid-2020s. But they are miscounting.


Liberal Elite said...

Hmm. I read the WSJ report. It's a slimy piece.

The real reason for America's decline is that American companies sent our jobs and equipment to China for cheaper labor. The rich got richer, but America is poorer for the effort. Our tax and commerce laws written by a thoroughly bought congress have allowed all of this to happen with impunity.

A good case in point is the rare earth metal mining saga. US companies were allowed to ship the whole operation to China, and now that essential resource is being controlled as a political tool in a fight for oil reserves. STUPID STUPID STUPID.

Some thing we should not be allowed to sell. To hell with profit that screws America over. If the cargo ships stop sailing, America needs to be able to survive without them... We've lost that, and now they have us. They don't need to attack us, all they need to do is to stop loading the ships!!

And what do we send them? our #1 export? Recycled trash. I think they'll do just fine if the ships stop sailing.

So China gets the mines we all get the shaft (except for a handful of corporate owners).

...and the Gini index in America goes up and up.

...and the Wall Street Journal keeps pretending that they haven't cheered on the biggest sellout in history. like I said.. slimy