America first.
China has already surpassed American in technology exports.
Our “lead” decreases by the day, that we continue to allow the bubble-headed scam called “free trade” to destroy our jobs and industry.
Mr.Pettis no doubt knows what he is talking about.
Is the Chinese Stock Market About to Crash?
http://www.zerohedge.com/news/chinese-stock-market-about-crash
“”The eternal optimists would have us all believe that China will awaken from its slumbers amid a blaze of new, debt-fuelled spending initiatives and so buy up all the goods we find so hard to sell at home (without offering a substantial concession in price)” is how Sean Corrigan begins his assault on the non-reality that is China’s ‘save-the-world’ protagonists. It is worth noting, however, that those who actually invest in the place seem to be too busy selling their equities to pay much attention to the Panglossians and Polyannas.”
I thought it was goin’ to be next Tuesday afternoon.. about tea time.
I’ll call that obvious bluff.
If Obama stays in office he will just surrender all technology and manufacturing to China just to destroy us.
Well - as an old great granny, I remember not too many years ago when it was JAPAN that was going to “take over America. “
They owned half of L.A. and other cities and lotsa land...
but a funny thin happened along the way. They fell on hard times - and things went up in smoke
While there is certainly a possibility of the Chinese economy becoming larger then our own by 2022 (though I personally have my doubt’s), I think that the reasons that they give for that in the article is very flaws - namely, assuming that the Chinese rate of growth will remain the same, simply... because. Plenty of industrializing nations like Mexico or South Korea saw similarly high levels of GDP growth - and none of them managed to keep it up. Such great levels as their proposed 7.75% growth rate are unsustainable and can’t be kept up into the future indefinitely by China. It will crash down to a level more comparable with other industrialized nations sooner or later, and probably sooner. The West may be drowning in financial problems, but so is China.
China already is larger than the US in electricity consumption and total energy consumption in general.
Auto production and consumption, China already is larger.
Construction, no matter how you measure it, concrete consumption, square footage built, etc., China is BY FAR larger than the US.
Steel production, about 6 or 7 times larger than the US.
And when measured in purchasing power parity, China's GDP already begins to approach the US, roughly 3/4 of the size.
The list goes on.
2018 may be assuming if all goes well, but I believe prior to 2025 is not a bad bet. And that is slightly over a decade from now.
If BO is re-elected it will be within the next 4 years not 10.
Our politicians and big corporations have already sold out the American citizen to the Chinese, and other countries for big $$$$. By the time it becomes a huge problem, they will be retired and living on their ill gotten riches while we and our families suffer the consequences.
Now China just said it will still buy Iranian oil despite Obama’s begging that they stop.
We have no national interest in 1.3 billion poor, frustrated, and angry Chinese. We have a big national interest in 1.3 billion increasingly prosperous, optimistic Chinese. China has finally figured out that it doesn't have to be poor. That's good.
China still has huge problems. Despite the growth in the cities, it still has 600 million people in the countryside living at subsistence levels. It has terrific infrastructure and environmental problems and a rudimentary social safety net. It has to figure out a new role in the international economy as it matures as an economic giant, and therefore a leader; it has to begin taking responsibility for systemic order. (It may take a severe recession or two to drive the point home, but China is too big to be a freeloader any longer. That's a hard lesson to learn.) It has to shift from export-led growth to a greater reliance on domestic consumption, and it has to become a better customer for its major trade partners to maintain open markets.
Probably most difficult, it has an enormous political and human rights hill to climb. I wouldn't want to trade places with them. But the emergence of China as a market oriented economy with a mass middle class is one of the most positive developments of the past generation, the growing pains notwithstanding.
So ... one of these days, China will have the world's biggest economy. For awhile. Then India may overtake it. Or we will, once enough Mexicans move north and we get to a billion people ourselves. But that's a story for another day.
China has geographic limits as well as the world’s largest population that make it impossible to overtake the U.S.
If we get another four years of Obama they will!!! All the more reason to win the presidency and get a conservative majority in the house and senate.
I’m betting against it.