Posted on 04/25/2011 5:28:28 AM PDT by Bigtigermike
BOSTON (MarketWatch) — The International Monetary Fund has just dropped a bombshell, and nobody noticed.
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, D.C., 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, 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.
(Excerpt) Read more at marketwatch.com ...
Thank you, Obama voters, for destroying America.
Our elites are purposely destroying our greatness and dismantling the the very institutions that make us unique and superior to the rest of the world. To them, we are mere peasants just like all the rest of the world's teeming masses.
He had plenty of help from congress - dems and republicans both!
Hey, the self-appointed economic wise men here on FR will tell you that the very idea that an economic theory is counter-intuitive is evidence of its genius!
Blame the Left, their cunning use of their Union henchmen, their domination of MSM, their domination of the various government bureaucracies to keep their agenda progressing during their years out of leadership majority, their sleight of hand intimidation if you will of major corporations in placing their own in leadership positions, all of which by design create confusion within the citizenry, thus apathy.
Expose it. Expose them. Bring the light of day to bear on them, and their skullduggery. Declare, and win the war.
Yes, and it has been a bipartisan effort.
We’ve gone from a nation of producers to a nation of consumers.
Naturally, we’re headed for a fall.
This hasn’t happened recently. The seeds of this situation were sown clear back into the early 80’s when we started ranting the PRC year-after-year MFN/NTR status. This was made permanent in 2000, but the seeds to the current situation go back to the 80’s and early 90’s.
The ongoing issue is that no one has the balls to stand up and invoke the WTO sanctions permissible on the PRC for their currency peg.
I am not envious of China’s rise. I am horrified by America’s decline.
A large part of our decline is rooted in the idea that we can all merely consume, rather than produce, and that the cheapest possible consumer prices are an unquestionable good. Economists touting cheaper prices at Walmart have been oblivious to the fact that wages have stagnated for a decade now, and that increased consumer spending was enabled only by easy lending standards and low interest rates.
Plus, the fact is, our country is producing fewer people of good leadership quality, all you have to do is look at 1600 Pennsylvania Avenue for your proof of that.
Just this weekend, I was reading an article about China’s “mouse tribe,” factory and shop workers who live underground in abandoned fallout shelter tunnels (the small rooms of which are rented to them by landlords who have bought them from the government), while the people walking on the sidewalks above their heads are buying Prada handbags.
I’m not sure China should be held up as a model of good economic distribution.
Actually, look at the output of business schools and Harvard Business School in particular.
Absolute idiots.
Look around at the 2008 crash and the personalities involved, and in many of the positions of ‘leadership’ where we went down in flames, you find Harvard MBA’s or Harvard graduates. Unrestrained egos with little actual expertise or competence.
If we could pass a Constitutional Amendment prohibiting the hiring of any Ivy League graduate into any position in the federal government (and especially including the military or DOD), I believe we could see an improvement in our situation rather rapidly.
Expose the left, and expose the “free trade” traitors who have sold our beloved America.
Since 1980, we have had five presidents and all but one were Ivy League grads.
Ivy Leaguers: GHWB, Slick, GWB and Obama
Non Ivy Leaguer: Reagan
Anyone think we should continue putting Ivy Leaguers in the Oval Office?
Kinda gets directly to what I’m talking about.
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