Posted on 12/08/2014 8:00:16 AM PST by SeekAndFind
There’s much worrywarting over the new figures from the IMF IMF telling us the fact that China is now the world’s number one economy in terms of size. The truth is though that, other than for collectors of statistical trivia, this really isn’t important. Perhaps on a par with wondering how Lady Gaga is going to dress next but no more than that. Because the whole idea of “an economy” as defined by the borders of a nation state is pretty arbitrary anyway and further, it matters a great deal more how many people that economy is spread over than it does the size of it. Luxembourg’s economy is considerably smaller than that of India but with 400,000 people not 1.4 billion who is living better?
Here’s an example of this worrying:
Hang on to your hats, America.
And throw away that big, fat styrofoam finger while you’re about it.
There’s no easy way to say this, so I’ll just say it: We’re no longer No. 1. Today, we’re No. 2. Yes, it’s official. The Chinese economy just overtook the United States economy to become the largest in the world. For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet.
It just happened — and almost nobody noticed.
The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in “real” terms of goods and services, China will this year produce $17.6 trillion — compared with $17.4 trillion for the U.S.A.
It’s not really true that no one noticed: people have been announcing that it’s about to happen for months.
(Excerpt) Read more at forbes.com ...
But what is China’s deficit?
It’s because Obama and is ilk treat us like #2.
More importantly, what is their GDP PER CAPITA?????
Only because we’re feeding them.
RE: But what is China’s deficit?
This is the latest I could find.
http://www.bloomberg.com/news/2014-03-05/china-plans-2014-budget-deficit-of-1-35-trillion-yuan.html
China plans to run a budget deficit of 1.35 trillion yuan in 2014, the Ministry of Finance said in Beijing today, amounting to 2.1 percent of gross domestic product.
The above is in contrast to the US budget deficit,
This is the latest I could find:
The final numbers for 2014 announced yesterday by the U.S. Treasury show the federal deficit for the fiscal year that just ended did indeed fall as precipitously as I previously reported. As the report shows, the actual 2014 deficit was $483 billion, $3 billion less than what the Congressional Budget Office estimated a week ago.
For the record, $483 billion is $197 billion below the almost $680 billion deficit recorded in 2013. It’s also $930 billion, that is, close to $1 trillion, less than the largely recession-caused $1.4 trillion deficit in 2009. (Attention trolls: the Congressional Budget Office projected in early 2009, that is, before the start of the Obama administration, that, because of the recession, the deficit that year would be $1.2 trillion.)
In dollar terms, 2014 was the lowest federal deficit since 2008. And in the category most important to economists – the deficit as a percent of Gross Domestic Product – the 2014 deficit was 2.8 percent of GDP, the smallest since 2007.
Built on sand; hundreds of empty apartment buildings, airports built with no plane arrivals, sports stadia built without teams or spectators. It will make our housing crash look like a mild recession.
China and Obama Admin are very Transparent,everyone knows exactly what’s going on , LOL
Based on a command economy that produces by fiat. The bubble will burst. Supply has outstripped demand. Prices for new homes are comparable to US new housing costs in major markets. Low income housing is being replaced upscale leaving the average worker without adequate housing. Because the economy is not based on demand it does not meet the needs of the citizenry. This is leading to disruption among the poor (read middle class) and a steady devaluation of the Yen.
China as the largest economy is a ruse. It is so because the Central Committee says it is so, not because it has grown naturally based on economic forces.
In before the “Bring back American jobs” post.
To Zero it’s golf time and party like it’s 1999.
There must be a long line of immigrants waiting at the Chinese border to get their entry visas and work permits.
Good, tell that to the illegals so they may go there... Oh, wait, Chinese economy is not that great after all...
RE: . Oh, wait, Chinese economy is not that great after all...
There’s no welfare or free education for illegals.
And even if it were available, I’d like to see them learn Chinese.
RE: There must be a long line of immigrants waiting at the Chinese border to get their entry visas and work permits.
Yes there are. Mostly from North Korea.
If China keeps going the way they’re going and we keep going the direction we are going, it will be a big deal. If this keeps up it will be the first time in millennia that a non-Western country with non-Western values and even a non-Western alphabet has been top dog economically. No one thinks it can happen until it happens. England didn’t see it coming when we took the top spot. We have to right the ship which means a sharp turn to the right
We should have learned from the USSR. Totally fabricated economic figures from the Kremlin were sucked down whole not only by the lickspittle media but the western intelligence agencies as well. Only Ronald Reagan, standing alone, had the vision to see that the Russian empire was a hollow shell, ready to collapse under the strain of a Western defense build-up. The Strategic Defense Initiative did its job long before a single missile ever flew.
China's economic collapse is inevitable, although the timing is obscure.
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