Americans are going to face some serious issue as we will see the wallets of the world swapping Dollar for yuan in the coming days. In fact, the U.S. dollar is already being abandoned by many countries and companies in favor of the Chinese currency — the yuan:
Peterson and the University of Pennsylvania say China is ALREADY the world’s #1 economic power.So do we.
- Investors can now buy yuan-denominated bonds in Hong Kong.
- Caterpillar and McDonald’s recently financed their mainland China projects directly via yuan bond offerings instead of U.S. dollars.
- China’s trade with Russia, Vietnam and Thailand is now being settled in yuan instead of U.S. dollars.
- Apple Computer is even accepting iTunes payments in yuan
According to the International Monetary Fund (IMF), by 2016, the United States will no longer be the world’s number one economic power. According to the IMF, China will be richer than America in less than five years. But according to the prestigious Peterson Institute and based on data published by the University of Pennsylvania the IMF is wrong: The Chinese economy will NOT surpass America’s by 2016. Nor will it happen in 2017 or even in 2020, for that matter.
Take a look at these 12 reasons and some couple of facts to realize for yourself that American dominance is over.
1) The U.S. economy produced goods and services valued at $14.6 trillion in 2010.
Good enough, but China’s Gross Domestic Product soared to $14.8 trillion.
2) The U.S. economy grew only about 1.7% in 2011.
China’s economy grew 9.2% (SEVEN AND ONE-HALF TIMES FASTER!)
3) The Beijing government has almost no debt.
Washington has nearly $15 trillion in debt and obligations.
Fact 1: Securities valued at more than $6 trillion trade on Chinese exchanges every day and
that number is taking huge leaps.
4) China has $3.2 trillion in cash (and its cash reserves are growing ever larger, month after month)
But Washington has almost no cash on hand and has to borrow nearly half of every dollar it spends, much of it is borrowed from China.
5) China’s total tax revenues are up nearly 30% from a year ago
Americas tax revenues are dramatically down due to the sluggish economy.
6) The U.S. has about 160 million workers - 8.50% underemployment
China has 810 million workers (more than 5 times more than the United States)
7) In China’s urban areas wages rose by 7.6% in 2011 and the increase was about double that in rural areas.
inflation-adjusted wages for U.S. workers dropped 1.7%.
Fact 2: China enjoys the largest foreign capital inflows"of any nation on Earth, surpassing the
United States as the world's favorite place to invest.
United States as the world's favorite place to invest.
8) The Program for International Student Assessment ranked Chinese students #1 in the world. American students were ranked fourteenth.
9) China’s Tianhe-1A super computer is the fastest in the world (capable of processing more than 2.5 thousand trillion calculations per second)
American technicians don’t even know how that kind of speed could be even possible.
10) U.S. is winding down its space program,
China is preparing to put a man on the moon
11) China has the largest army in the world - 2.2 million active-duty military personnel
600,000 more than what America has.
12) U.S. is cutting its military expenditures
China has increased military spending every year for more than 20 years and is still boosting it by an average of 11.8% per year.
Fact 4: China’s military is state-of-the-art: It just unveiled the J-20 - its first stealth fighter.
Fact 4: China’s military is state-of-the-art: It just unveiled the J-20 - its first stealth fighter.
It also has spy satellites, aircraft carriers, nuclear attack submarines and more. China’s nuclear arsenal is especially worrying: While the U.S. has been steadily reducing its stockpiles for nearly 30 years, China continues to build up its forces and is refusing to even begin talks on nuclear arms reduction
In the size of its economy and economic growth, in science, in technology, in the scholarship of its students, in the growth of its military, in every conceivable area, China is already the world’s most dominant nation, but the list doesn't end with it, now lets see the main reason why no one will be able to stop China from taking over the steering wheel of the world economy from the United States of America. And it will happen soon too
Nearly 50% of every dollar Washington spends today is borrowed money, much of it borrowed from China. Without the billions Beijing loans Washington, the entire U.S. government would go bust. Washington would become a virtual ghost town. Millions of Americans who count on government checks would be financially destroyed.
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The entire world including the United States must sadly bow to China’s superior power - the greatest the world has ever seen.
I understand; most Americans wont accept this. The U.S. has been number one their entire lives. They've always assumed that would never change. But its high time you accept it. US is no longer the number one. It was but no longer is. The Chinese era begins, , and China will soon be in a position to dictate Economic policies to the world including America. and sometime in the future it too will move its way for a superior power, Data says India. But we will watch and see. Change happens as time passes. Peace.
Sources: http://finance.uncommonwisdomdaily.com, http://www.wikipedia.org/, http://www.worldbank.org/
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