Once upon a time, there was this major superpower - named the USSR. Their economy wasn't very good, and their military expenses went up and up.
A funny thing happened. They went bankrupt, their government imploded, and they became a rather pathetic shell of their former selves.
In the U.S., the current account deficit is up to 5.7% of GDP - and getting worse. China is the center of global manufacturing, and the U.S. buys much, all of it on credit.
Some speak of a "new paradigm", one which will make such patterns sustainable. We heard the same nonsense during the tech bubble in the stock market.
Can the U.S. be supplanted as global superpower? Given the present patterns, it not only can, but will.
The USSR went bankrupt because they are communist. Communism not only breeds inefficiencies, it also breeds government corruption. This is the lesson to be learned from the USSR. Now you are saying that communist China will replace the US as the worlds only super power? Do you also think your life would be better if you lived in China?
LOL