Posted on 04/25/2011 6:25:26 PM PDT by Kaslin
Comparative Economies: This just in from the International Monetary Fund: China could pass the United States as the world's largest economy as early as 2016. With all due respect, the IMF has it wrong again.
A new IMF report blithely forecasts that the "Age of America" will end as the U.S. economy is overtaken by China. And on the surface, it's tough to argue the point.
Officially, China's GDP is growing at 10% while ours is expanding at about 3%. At those rates, China's economy doubles every seven years, America's about every 24.
But such forecasts are based on a straight-line extrapolation from current trends: So if China's growing at 10% now, it'll always grow that fast.
One has to wonder, too, about a politically motivated IMF "report" that predicts U.S. decline. Our troubles are many, but we've heard all this before.
The fact is, China itself faces formidable hurdles that will make it tough to keep growing at current rates.
This was tacitly admitted by China just last month, when it announced it was lowering its targeted GDP growth rate to 7% a year — a full third slower than its recent growth rate.
(Excerpt) Read more at investors.com ...
With Obama in office, I would say that it is definitely possible.
china is already number 1. They’ve been suppressing their currency for so long, that like anything that is price controlled, it will shoot up like a ball under water. Imagine what China will be like if their currency is x3 their currency value. They would be so rich
I remember when Japan was supposed to be the economic powerhouse that beats out the US. Then came the lost decade and apparently we weren’t all going to turn Japanese after all.
I am not convinced that China’s economy isn’t a house of cards waiting to fall. I suspect they need us far more than we need them. If the world economy seriously tanks, my guess is they will be hurting far more than we will. I could be wrong, just my opinion.
Based on what each of our school systems crank out these days, I would say the Chinese have a distinct advantage.
China is building colonies in Africa now, they are set to be the next British Empire.
Ping.
thats assuming China will repeat the same mistake Japan went thru. Go into debt to prompt up a bubble and try to inflate through the correction that was needed
Same here. Any Freeper see that thread a week ago about China’s GHOST CITIES? It was a video about EMPTY condos, buildings and streets. The poor simply outnumber the rich and they are getting poorer. It was a segment on Australia’s channel 5 news magazine, I believe. And these commie clowns are supposed to overtake the US? Doubtful. maybe a 2nd term with the other kenyan clown but hardly.
prompt=prop
China's problem is keeping the masses fed, happy and housed. Tick, Tick, .... Tick
Well, they are 1.5 billion people and the US is only 300 million. It's probable that at some point China may end up with what is technically a larger economy just due to their population, but I have my doubts that it would be a strong economy. Big doesn't equal strong.
And yes, I saw some stories about the ghost cities. They've built massive infrastructure that is sitting vacant. China also has massive numbers of rural poor who live at a level of poverty that is simply unimaginable to most Americans. Quite frequently these rural poor rise up against the local governments over various issues (often environmental destruction of their water, land, etc) and things get very ugly.
China is trying desperately to control the flow of information, but I think they will find it impossible. As I said, and this is just my opinion, but I think China's economy is a house of cards.
Chinese Real Estate Bubble Pops: Beijing Real Estate Prices Plunge 27% In One Month
With Premier Hussein at the helm - possible.
If he somehow wins a second term - certain.
I don’t entirely agree with this editorial. China could overtake up economically. The debts we’re running are unsustainable and the ‘Rat Party refuses to take serious steps about reducing it.
Which is what happened with the Yen and Japan? :)
It would likely climb, but that would have a severe impact on their export economy.
2. China debt too GDP they admit its 2 points of the US which means its higher.
3. Even if their GDP is higher with the amount of people they have we would be 80% higher per person.
Thanks for posting.
It ain’t ever going to happen. China is doomed. India has a better chance. It saddens me so many freepers buy into this mantra. It’s still an anti American mantra at the end of the day. China has little without us consumption.
The REAL IMF report:
“The world today seems absolutely crackers,
With nuclear bombs to blow us all sky high.
There’s fools and idiots sitting on the trigger.
It’s depressing and it’s senseless, and that’s why...
I like Chinese.
I like Chinese.
They only come up to your knees,
Yet they’re always friendly, and they’re ready to please.
I like Chinese.
I like Chinese.
There’s nine hundred million of them in the world today.
You’d better learn to like them; that’s what I say.
I like Chinese.
I like Chinese.
They come from a long way overseas,
But they’re cute and they’re cuddly, and they’re ready to please.
I like Chinese food.
The waiters never are rude.
Think of the many things they’ve done to impress.
There’s Maoism, Taoism, I Ching, and Chess.
So I like Chinese.
I like Chinese.
I like their tiny little trees,
Their Zen, their ping-pong, their yin, and yang-ese.
I like Chinese thought,
The wisdom that Confucious taught.
If Darwin is anything to shout about,
The Chinese will survive us all without any doubt.
So, I like Chinese.
I like Chinese.
They only come up to your knees,
Yet they’re wise and they’re witty, and they’re ready to please.
All together.
[verse in Chinese]
Wo ai zhongguo ren. (I like Chinese.)
Wo ai zhongguo ren. (I like Chinese.)
Wo ai zhongguo ren. (I like Chinese.)
Ni hao ma; ni hao ma; ni hao ma; zaijien! (How are you; how are you; how are you; goodbye!)
I like Chinese.
I like Chinese.
Their food is guaranteed to please,
A fourteen, a seven, a nine, and lychees.
I like Chinese.
I like Chinese.
I like their tiny little trees,
Their Zen, their ping-pong, their yin, and yang-ese.
I like Chinese.
I like Chinese.
They only come up to your knees...”
They are all over the Caribbean as well. I’ve noticed it every time I’m down there. South America, too.
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