Mission Accomplished… American Economic Dominance Will End in 5 Years
Posted by Jim Hoft on Monday, April 25, 2011, 5:19 AM
Isn’t this what the left has been fighting for?
The International Monetary Fund predicted the end of American economic dominance in 5 years. The IMF reported that China will overtake the US economy in 2016.
Market Watch reported:
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.
Most people aren’t prepared for this. They aren’t even aware it’s that close. Listen to experts of various stripes and they will tell you this moment is decades away. The most bearish will put the figure in the mid-2020s…
…The IMF in its analysis looks beyond exchange rates to the true, real terms picture of the economies using “purchasing power parities.” That compares what people earn and spend in real terms in their domestic economies.
Under PPP, the Chinese economy will expand from $11.2 trillion this year to $19 trillion in 2016. Meanwhile the U.S. economy will rise from $15.2 trillion to $18.8 trillion. That would take America’s share of the world output down to 17.7%, the lowest in modern times. China’s would reach 18%, and is rising.
Just 10 years ago, the U.S. economy was three times the size of China’s.
More from Drudge…
Dollar’s Decline Speeds Up…
China planning to cut U.S. reserves by two-thirds?
Gold and silver continue to surge…
ADVERTISEMENT
-
Featured Story:
Rough Night… Obama Loses 36 Arkansas Counties to Unknown Democrat – Loses 66 Kentucky Counties to “Uncommitted”
Published May 23, 2012 at 4:57 am - One Comment
tarpon commented:
So we can now defund the IMF, right?
Khan Krum commented:
Cloward-Piven strategy ahead of schedule!
listingstarboard commented:
And will the US be obligated to surrender Government owned land here to satisfy our debt to the Chinese? You know, the land that is brimming with minerals ,gas and oil that we are forbidden to use for our own energy?
maria commented:
thank you Ms OBAMA
daryl commented:
“And will the US be obligated to surrender Government owned land here to satisfy our debt to the Chinese?”
Well sure. What trade, manufacturing, and defence secrets the Clinton administration didn’t sell to them or allow the theft of, Obama intends to give them free gratis, to show them our good will.
Militant Conservative commented:
Anybody think the IMF will keep the dollar as the reserve currency???
Buy gold and silver or commodities. The dollar is toast.
Powder is dry
BurmaShave commented:
[sniff, sniff]
I think I detect a single term presidency for Barack Obama.
Paul52 commented:
This will give the Dems something to be proud of. “We’re number 2!” Thanks, Anointed One, Harry and Nancy!
uj commented:
The main thing to consider is that this is forecasting — forecasting isn’t always correct. There is no way of knowing how things will turn out exactly with so many factors in play.
money gets votes commented:
OMG, OMG he really did it—he destroyed America.Look what he has done to our childrens children..uture …this is so horrible..we were a great Nation. Only country were you could come here and be anything you want–but now you are punished if you become RICH? He punishes the rich for being successful–he took over our educational system with union thugs..teach filth in our schools. Our minerals, our lands..guns to gang lords–our farms, our oil….our fisheries…woe to ONE man–the destroyer. Our gulf given to castro, brazil..no drilling..geez. And spends $2M to hide who he is! He is a fraud paid for by Al Monsour. Only a non-American would want innovation to be punished. Our coal leases gone..he has encapsulated our country and destroyed us within–I can’t bare to look at him I feel sic.
feduptoo commented:
I am asking all here to please start calling, writing, and faxing your Senators & Reps. in Washington now!
Everyday!
I have done this for years on illegal immigration, finally we did get Republicans to listen to our calls to stop the invasion, then people were so mad at the Reps., that they voted them out, even though we begged them not to…since they had finally started listening….this was 2006!
Republicans need to know we are fed up with FREE trade, that ends up taking our jobs……we are fed up with illegal’s working here , and fed up with millions of new Visa workers each year!
When I first started calling, yes I was nervous about it….and writing, I was so polite…………then after a while you get really mad, and just tell them in no uncertain terms, they will not be elected again if they go against citizen’s wishes!
Will you do this? Will you start fighting, each day…bombard their email boxes, jam their phone lines……never allow our country to demise!
Andreas K. commented:
And Russia is expected to balance the budget in 2014…
StrangernFiction commented:
#9 April 25, 2011 at 9:06 am
uj commented:
I feel so much better now. LMFAO
LYNNDH commented:
Look, it was bound to happen anyway. May be before it should have though. What does that mean in per capita terms? China has a whole lot of people, Americans are and will be far wealthier than they are. Just like the false anger over the fact more cars are being sold in China than the US. How many families in China have a car, more than one car? How many in the US have more than two?
Nothing lasts forever, ask France, Spain, England, Italy.
Sparky commented:
The lack of concern by the American citizens about the state of their country is appalling.
People will take action and call for retribution for a transgendered person.
But they will sit idly by while Obama grinds their country into financial oblivion.
Obama is counting on Americans to wake up only when their currency is devalued, homes worthless, and no jobs on the horizon.
This is stunning and beyond comprehension to those of us from another country.
Radegunda commented:
Sparky, too many Americans just take it on faith that Democrats are “good” and really, really care about them, so as long as Democrats are in charge, things must be getting better–even if they obviously aren’t. It’s what the “education” system and the mass media have told them to believe.
uj commented:
#12 Exactly.
#13 you can feel better, lyfao, or whatever…I’m just pointing out a fact: it’s forecasting, not rock solid truth; forecasting is never exact…and it appears as though way too many people take it as an exactitude or gospel truth. I did not know the IMF had Ezekiel on their payroll.
greenfairie commented:
And I read recently that India will overtake China by 2030. Make that #3!
unseen commented:
This will come about if and only if we do not elect Gov Palin in 2012. Palin out of all the possible POTUS candidates is the only one that will return America to were it belongs on the world stage.
Marsh626 commented:
Pretty much inevitable. China has an average IQ of 100. While America keeps importing low IQ immigrants who aren’t really capable of inventing new things, creating successful businesses and wealth. Rather, they take and destroy wealth. On top of that, Western socialism also destroys wealth. Those 2 factors combined is why America can’t compete with China. However, the Chinese have proven that centrally planned capitalism can indeed work. If you have really competent people at the very top directing a high IQ and well behaved citizenary, then you can indeed grow your economy rapidly. As unpleasent as that is to admit, it does indeed seem to be the case…
Marsh626 commented:
Another factor which I forgot to list is the Left’s pathological self-loathing and self-destructive mindset which has infected our country. China on the other hand has a xenophobic, ultra-nationalist mindset that doesn’t care about the environment or the rights of the individual. That’s another huge factor in why their economy is growing so rapidly while ours is relatively stagnent. We’ve become complacent.
StrangernFiction commented:
#17 April 25, 2011 at 11:30 am
uj commented:
Ah yes, just pointing out the facts. Well you keep pointlessly pointing out facts and I’ll keep laughing my ass off.
bobbymike commented:
PPP is a specific “adjusted” measure meaning purchase power parity. Many economists used a regularized measure where China’s current GDP is $3.5 trillion not PPP’s over $11 trillion. Besides do you really think the poorest in China has anywhere near the consumer products as a poor American. China has over one billion poor people and several hundred million without running water, modern appliances, TV’s or cars.
This really isn’t an accurate way to compare China and the US.
bobbymike commented:
It is more of the IMF’s dream to say “China is bigger the end of the US” than anything else.
uj commented:
#22 whatever….of course, that has to be it…we’re doomed end of story
And tomorrow we could have a major terrorist attack or huge earthquake in California, and the timeline would be bumped up, or we could have a catastrophic event in the midwest, destroying this year’s harvest and thus sinking not only us but the entire global economy and stability.
Or China’s Three Rivers Gorge dam could collapse and their economy could suffer a terrible blow…or they could have some new super flu and their economy could suffer a terrible blow…or Iran could really do something nutty, the ME oil fields could wind up glowing because of it and the Chinese economy would suffer a terrible blow…
Or whoever was buying up gold and silver 5 – 10 years ago could wait for this demand to push the prices just a bit higher and then unload on the market — thus reaping a lot of cash…and collapsing the global economy (plus causing a lot of people in America to lose their shirts, and possibly not do good things to the Chinese economy either).
You see where I’m going with this?
Liberty60 commented:
How did China become so powerful?
tommy mc donnell commented:
can we get obama elected president of china?
Lee commented:
Let me get this straight. You people honestly believe that Obama is to blame for the future ending U.S. dominance in the world’s economy? Are you really that stupid? Don’t you know your history? This was bound to happen sooner or later. This country has been in a decline in the past 30 years. The U.S. have been borrowing from China long before Obama entered the White House. Our economy has been a mess before Obama entered the White House.
Did you really think that the U.S. would remain on top forever? Really?