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IMF bombshell: Age of America nears end: China’s economy will surpass the U.S. in 2016
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.
The Obama deficit tour
The Wall Street Journal editorial page’s Steve Moore critiques the president’s speeches attacking Republican budget plans.
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, whomever 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 Read more…
The coming US Depression has an added dimension: “…a huge underclass of very desperate people with their minds chemically blown beyond anybody’s comprehension” which may fuel unprecedented unrest.
by Tom Dennen
Money talks and here is what it is saying: Here are the Current Account Balances of 163 Countries in the World COMPARED WITH LEVELS OF STREET VIOLENCE (all except Egypt at the bottom of the debt list) :
Notice the amazing entry at the bottom of this list (scroll down) taken from Gerald Celentes’ Trends Journal, the full report, 2011.The Current Account Balance records a country’s net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
China is No. 1, Hong Kong No. 15, Egypt N.37 … check who is No. 163
World Ranking – Current Acct Balance (in Millions of US$)
1 People’s Republic of China (PRC) 179,100
2 Japan 174,400
3 Germany 134,800 Read more…