Just 10 years ago, the U.S. economy was three times the size of China’s.
Naturally, all forecasts are fallible. Time and chance happen to them all. The actual date when China surpasses the U.S. might come even earlier than the IMF predicts, or somewhat later. If the great Chinese juggernaut blows a tire, as a growing number fear it might, it could even delay things by several years. But the outcome is scarcely in doubt.
This is more than a statistical story. It is the end of the Age of America. As a bond strategist in Europe told me two weeks ago, “We are witnessing the end of America’s economic hegemony.”
We have lived in a world dominated by the U.S. for so long that there is no longer anyone alive who remembers anything else. America overtook Great Britain as the world’s leading economic power in the 1890s and never looked back.
And both those countries live under very similar rules of constitutional government, respect for civil liberties and the rights of property. China has none of those. The Age of China will feel very different.
Comment by Adamantine:
Based on one theory of Biblical prophecy it will not be China or Islam that will soon lead the world in the midst of its most difficult time in history.
It will possibly be the Roman Empire.
It will not be the USSR, it will not be the “united Islam”, it will not be China…
It may be the same power which crucified Christ.
It appears as if there is some sort of resetting of the political powers in place when Christ came the first time.
Israel is back in the land and Rome IS reborn.
It is not yet fully realized by the world at large but when it arrives it may shock many. If so it will also be very late in the prophetic calendar.
In the meantime the old hegemony of the US is floundering.