April 26th, 2011

IMF bombshell: Age of America nears end


Commentary: China’s economy will surpass the U.S. in 2016

BOSTON (MarketWatch) — 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.

MW-AJ830_chinaIt provides a painful context for the budget wrangling taking place in Washington 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, which was quietly posted on the Fund’s website just two weeks ago, 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.

Continue Reading at: Market Watch




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7 Responses to “IMF bombshell: Age of America nears end”

  1. 1
    Elias Alias Says:

    Well, yes, there’s that, to be sure. And here is something else which ties in nicely -

    http://www.bloomberg.com/news/2011-04-10/stiglitz-calls-for-new-global-reserve-currency-to-prevent-trade-imbalances.html

    From that link – “Stiglitz Calls for New Global Reserve Currency”

    “The world economy needs a new global reserve currency to help prevent trade imbalances that are reflected in the national debt of the U.S., said Nobel-prize winning economist Joseph Stiglitz.

    A “global system” is needed to replace the dollar as a reserve currency and help avoid a weakening of U.S. credit quality, said Stiglitz, a professor at Columbia University in New York. (snip)

    Stiglitz, who won the 2001 Nobel Prize for economics, was attending the Institute for New Economic Thinking’s conference in Bretton Woods at the hotel where U.S. and European officials met in 1944 to remake the global monetary system.

    Nations agreed to fix exchange rates, establish the IMF and start the process of rebuilding Europe’s economy in the aftermath of World War II by encouraging coordinated economic policies.

    (end quoted passages from above link)

    How does a global currency fit together with the push to offshore enough American industry to China to enable China to threaten our own Dollar hegemony? Is the Federal Reserve System, Inc., involved with this in any way, especially covertly or indirectly? We will not know about that until the Fed is audited fully with civilian oversight.

    Do we see how dangerously close to assimilation we as the American nation truly are?

    Salute!
    Elias

  2. 2
    Marshall Jenkins Jr. Says:

    Facebook has done everything they can to impede me from discussing this or any critical Obama issue, but they really came down on me last night and started Real-time BLOCKS of my conversations. It’s strange that it really intensified last night just before Obama announce his Falsified Certificate of Live Birth as a decoy for anyone who might notice this Major downfall. Hasn’t this been his goal since he was being groomed for President by Enemies of Freedom & Capitalism? Thank God for this Blog and others like it to get the Truth out.

  3. 3
    Elias Alias Says:

    I would just add that the problem is not Obama. It was not G.W. Bush. It was not Clinton. It was not G.H.W. Bush. The problem is for whom each of those presidents work. It does not matter which party a President claims, for both parties have shared equally the past four administrations’ march to oblivion for this nation. Obama is nothing more than a puppet on a string. McCain would have done the same things Obama has done. That is the record of the past four administrations.

    Salute!
    Elias

  4. 4
    richard wagener Says:

    I don’t pretend to know the answers for everything, but I do believe the place to start is kicking Obama’s rear end out of office. I also believe that we need term limits to stop these lifers in ashington. I belong to the Tea Party and that seems to be the most disciplined and largest group United for the same goals that I have. Otherwise it seems we all talk amongst ourselves and that’s as far as it goes. These Yokels in D.C. have got to be made to understand that the world does not revolve around them, and we can get along better without them. We need new blood and people who are committed to the good of the country and not the advancement of their own political fortunes.

  5. 5
    Bogus Says:

    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.

    Nobody does bankruptcy like Donald Trump.

  6. 6
    Sara S. in Va. Says:

    Elias,
    Your link above to Bloomberg’s article on Joseph Stiglitz FAILS to mention that Stiglitz is a Socialist. Cliff Kincaid at AIM.org was able to find this out back in May 2009, if not earlier. Stiglitz has been calling for these global machinations over and over as a way to fully institute Socialism-Marxism here in America. Yes, it is dire but just in case you did not realize which Socialist the Bloomberg writers were quoting (of course without full disclosure)…..Read 9 paragraphs down at http://www.aim.org/aim-column/u-n-red-and-u-s-progressives-plan-socialist-world-government/.

  7. 7
    spokrshave Says:

    The problem could have been thwarted if Obumma would have stood by the oath he took of promising to uphold the laws of this land instead of selecting to ignore some and make up some of his own. How could any American not abhor this presidents continuation of moral decay in Washington, DC?

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