Although China has it's own problems it will leave West in the Dust for a very very very very very simple reason. Chinese Government prints interest free Yuan for use by China. While USA and west has Private Central Banks print money and loan it to governments. Masses do not understand the crucial difference between the two. And that too is by design. Schools don't teach it for a reason.
I just want to point out again. China prints interest free currency for itself. US and Western countries OUTSOURCED that job to Private Central Bankers I wonder if anyone can see the difference between the two. I doubt it. My opinion of the rest of you is very low.
The best and most urgent thing for patriotic Americans to do is to march toward DC, armed with shot guns or baseball bats and demanding the FED being dismantled.
The line between private vs state has been blurring both in the US as well as in other countries and it could just be the beginning of the end for the autonomy of central banks. Case in point: argentine government changing their central bank statues and making use of the reserves as well as profits for its own interest. Meaning, that interest being charged may end up back into the argentine Treasury. In the US, the autonomy has also weakened after the Bush administration and now Obama's. In all cases, CBs might end up being a totalitarian tool.
The comments on this are very fascinating. It seems most people in general want to take an optimistic view on China, and a pessimistic one on the US. In all reality, I think pessimism on both ends is the only thing warranted for the short-term future. Everybody but a few thought that the USSR was going to out-do the US up until shortly before its collapse. Most American critics don't seem to realize the consensus that most Americans are not lazy welfare sucking bottom feeding uneducated idiots. As was said in the comments on the article, Americans are known to be some of the hardest working and creative workers in the world. Recently, they were ranked 2nd most productive in the world, second only to I believe Belgium. I certainly agree that if some things do not change within the US, that its days as the sole superpower could be over. However, a free-market system is what allows creativeness and innovation to thrive, and innovation produces the best kind of economic growth. My fear is that we are slowly but surely moving away from a true free-market system (not bailouts, hyper-leverage, etc, etc, etc). Fortunately, changes can be made to stop this, it is just going to take some serious effort from the American people. The movement to bring the US back to a system that would allow for economic growth and elimination of the Federal Reserve is also slowly but most surely gaining steam. Right now, I think the best thing to do is promote a new type of governing in DC, and political activism by those who want the US to succeed.
Thanks for saying that, and I agree 100%. Why is there Ebay Japan and Ebay China, etc. instead of an auction site that was made elsewhere becoming popular worldwide and then the U.S. get "our" version of it? That is just one example of course. There are really millions of them. The U.S. is hugely innovative IMO compared to these other countries. BTW - Nothing in that article even came close to "blowing" my mind, except for maybe the hyperbole used in the title. Big, fat, f'ing deal about most of those "facts". JJacksET4
maybe. here is a counter argument on productivity http://www.nytimes.com/2010/03/06/o...sq=productivity&st=cse&scp=2&pagewanted=print thoughts?