Vital Concerns for the World: China's economy will overtake the American by 2016?

Tuesday, April 26, 2011

China's economy will overtake the American by 2016?

The news in every direction seems to be ominous. On many grounds there are reasons to wonder what the world is coming to. Hardly anyone doubts that major shifts in the alignment of the world powers is in the offing. Among the many indications that such shifts are taking form is the recent prediction by the IMF that China's economy will overtake the American economy within five years. Brett Arends describes some of the implications of this shift in a MarketWatch blog:

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.

2 comments:

Pakistan News said...: China’s economy will overtake the U.S. economy in 2016, according to estimates published today by the International Monetary Fund (IMF), informs chinadaily.com.

IMF forecast, which is based on “purchasing power parity”, shows that China’s GDP will increase from 11,200 billion Dollars in 2011 to 19,000 billion Dollars in 2016, while the U.S. economy will increase from 15,200 billion Dollars to 18,800 billion Dollars.; 2:27 AM
Pakistan News said...: China's economy will overtake the American by 2016?; 2:27 AM

A major source of the American debt problem

Notable Concerns

"Not one has taken responsibility for the biggest foreign policy disaster in U.S. history." Dick Cheney, Donald Rumsfeld, Condolezza Rica, Paul Wolfowitz, Richard Perle, Douglas Feith.
The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. AlJazeera 10/15/11
GE, America's largest corporation, paid no taxes last year even though it made 5.1 billion dollars profit in the country [and even more outside the country] [source: same as below]
In 2009 the richest 5% held 63.5% of American wealth; the bottom 80% controlled 12.8%. [source: same as below]
Between 2000 and 2007 the richest 10% in America benefited from all of the average growth in the period. In the post WW II period the top 10% benefited from only one third of the growth, the bottom 90% benefiting from the rest of the growth. [Economic Policy Institute, cited by Bob Herbert, NYT 3/26/11]
In 2010 a "premier" investment bank paid each of its 26,000 employees an average of $370,000. [Bill Gross Pimco Investment Outlook Feb, 2011.]
In 2005, one-quarter of the corporations in America making a trillion dolars in revenue paid no taxes.
The 833% Medical Insurance Ripoff: Medicare charges 3% for service; the health insurance companies in Missouri charge 25% for services
The richest 1 percent of Americans have more net worth than the bottom 90 percent.
The richest 1 percent of Americans receive more income than the bottom 50%. http://www.politifact.com/truth-o-meter/statements/2010/dec/10/bernie-s/bernie-sanders-viral-speech-says-top-1$ >