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China will own the US by 2016
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China will own the US by 2016Posted:
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Grab your rice patties out of the fridge and start de-frosting them. Here is the info from dailymail.
The Age of America ends in 2016: IMF predicts the year China's economy will surpass U.S.
The Age of America ends in 2016: IMF predicts the year China's economy will surpass U.S.
The U.S. could lose its status as the worlds biggest economic power within five years.
The International Monetary Fund predicts China will overtake the U.S. in 2016, which will effectively end the 'Age of America' a decade before most analysts had expected.
It means that whoever wins the 2012 presidential election will have the dubious honour of presiding over the fall of the United States.
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The International Monetary Fund predicts China will overtake the U.S. in 2016, which will effectively end the 'Age of America' a decade before most analysts had expected.
It means that whoever wins the 2012 presidential election will have the dubious honour of presiding over the fall of the United States.
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^^^ Endless potential: A female worker in a sprawling weaving factory in Jinjiang. China's roaring economy will overtake the U.S. in 2016, according to the IMF
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^^^ Slow decay: By comparison, the once-bustling but now derelict Packard Motor Plant in Detroit is a stark example of the decline in U.S. economic power
It is the first time the IMF has put a time frame on the communist country's inevitable march, and the forecast has profound implications for the balance of global power.
The Washington-based fund claims its estimate is based on the comparative purchasing power of the two countries.
The news casts a deepening cloud over the future of the dollar as the worlds dominant currency as well as Washingtons attempts to close the budget gap and rein in the nations ballooning debt.
But politicians argue Beijings technology is lagging behind and much of China lives in poverty. The Asian country also trails way behind the U.S. in output per person.
In 2009 the IMF calculated gross domestic product per head in the U.S. at 28,000, compared to 2,500 in China.
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^^^ Friends for the moment: Chinese President Hu Jintao and U.S. President Barack Obama together at a State dinner at the White House in Washington in January
The Washington-based fund claims its estimate is based on the comparative purchasing power of the two countries.
The news casts a deepening cloud over the future of the dollar as the worlds dominant currency as well as Washingtons attempts to close the budget gap and rein in the nations ballooning debt.
But politicians argue Beijings technology is lagging behind and much of China lives in poverty. The Asian country also trails way behind the U.S. in output per person.
In 2009 the IMF calculated gross domestic product per head in the U.S. at 28,000, compared to 2,500 in China.
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^^^ Friends for the moment: Chinese President Hu Jintao and U.S. President Barack Obama together at a State dinner at the White House in Washington in January
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^^^ Converging superpowers: The decline of the U.S. economy has been matched by the rise of the Chinese market. Their projected trajectories meet and cross over in 2016.
^^^ Converging superpowers: The decline of the U.S. economy has been matched by the rise of the Chinese market. Their projected trajectories meet and cross over in 2016.
The IMF seemed almost embarrassed to announce the news, inserting its prediction without fanfare on its website in recent days. The ramifications for the U.S. - and indeed any country that has allied itself politically and monetarily to the superpower - are unsettling.
No country in the modern era has come close to matching the might of America's economy.
At its very zenith, the USSR produced only a third of the goods and services of the U.S.
Similarly, Japan at its peak managed less than half of America's output.
China, on the other hand, has been accelerating towards the U.S. with remarkable speed. Just 10 years ago, the U.S. economy was three times that of Chinas.
It's a staggering statistic, even when taking into account the fact that the U.S. economy has been dropping down to meet China's meteoric rise.
The 2016 date has taken many analysts by surprise, many of whom were optimistic that America could hold out until the later part of the 2020s.
But Brett Arends writes in the Wall Street Journal that many have been looking at the wrong criteria when judging the prospects of both countries.
He said analysts were comparing China's gross domestic product (GDP) against that of the U.S. - 'a largely meaningless comparison in real terms'.
Instead, IMF analysts compared the difference in 'purchasing power parities' - what people earn and spend in their respective domestic markets.
Using this criteria, they found that the Chinese economy would grow from $11.2 trillion in 2011 to $19 trillion in 2016.
Over the same period, the U.S. economy will rise from a dominant $15.2 trillion to a trailing $18.8 trillion.
No country in the modern era has come close to matching the might of America's economy.
At its very zenith, the USSR produced only a third of the goods and services of the U.S.
Similarly, Japan at its peak managed less than half of America's output.
China, on the other hand, has been accelerating towards the U.S. with remarkable speed. Just 10 years ago, the U.S. economy was three times that of Chinas.
It's a staggering statistic, even when taking into account the fact that the U.S. economy has been dropping down to meet China's meteoric rise.
The 2016 date has taken many analysts by surprise, many of whom were optimistic that America could hold out until the later part of the 2020s.
But Brett Arends writes in the Wall Street Journal that many have been looking at the wrong criteria when judging the prospects of both countries.
He said analysts were comparing China's gross domestic product (GDP) against that of the U.S. - 'a largely meaningless comparison in real terms'.
Instead, IMF analysts compared the difference in 'purchasing power parities' - what people earn and spend in their respective domestic markets.
Using this criteria, they found that the Chinese economy would grow from $11.2 trillion in 2011 to $19 trillion in 2016.
Over the same period, the U.S. economy will rise from a dominant $15.2 trillion to a trailing $18.8 trillion.
#2. Posted:
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Wow.. Is this legit??
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#3. Posted:
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If China owns the US in 2016, guess whos moving back to the UK?
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#4. Posted:
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I'll immigrate somewhere, haha.
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#5. Posted:
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I'll be heading North to Canada or somewhere.
I hope this is not true.
I hope this is not true.
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#6. Posted:
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Too bad that the major thing that stimulates their economy is other countries (considering all the workers in china are not very wealthy). So when they do pass us they will still be dependent on the US for their exports.
And if we really think about it the US is the poorest country in the world considering how many trillions of dollars in debt we are...
(last part was a joke)
And if we really think about it the US is the poorest country in the world considering how many trillions of dollars in debt we are...
(last part was a joke)
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#7. Posted:
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Motto: The Original Bunny
Motto: The Original Bunny
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Motto: The Original Bunny
Well...this is awkward...I hope they forget about all those small d*ck jokes....
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#8. Posted:
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How does this mean they will own the US that just means the 2 billion Chinese people will have more money.
Asians make more money that everyone else we've seen this. Look all the chinese crap in america.
Asians make more money that everyone else we've seen this. Look all the chinese crap in america.
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#9. Posted:
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How does this mean they will own the US that just means the 2 billion Chinese people will have more money.
Asians make more money that everyone else we've seen this. Look all the chinese crap in america.
Asians make more money that everyone else we've seen this. Look all the chinese crap in america.
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#10. Posted:
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Cool copy & paste brother..
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