What we have done is traded jobs for profit. The jobs have moved to China. The capability erodes in the U.S. and grows in China. That’s very destructive. That is a big reason why the U.S. is becoming more and more polarized between a small, very rich class and an eroding middle class. The people who get the profits are very different from the people who lost the wages.”
The source of this is the following:
[April 25, 2011] *IMF bombshell: Age of America nears end. China’s economy will surpass the U.S. in 2016,* By Brett Arends, *MarketWatch*
ADDENDUM [May 10, 2011]
What that could mean to the value of the dollar. Link to this site; however, note that this author has an interest in reading the importance of silver.