Twenty years from now ...

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carrol

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Joined: Oct 11, 2004
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Posted: Aug 11, 2005 - 11:43 AM
Post subject: Twenty years from now ...

"Twenty years from now, China will have bumped America from its No. 1 spot, experts say".

"China, once the worlds quiet giant, has risen to its feet and is on the march - and the tracks it's making are so deep they could change the world for ever.

Just another 20 years some experts say, and China will have toppled America from its throne as the greatest super-power - if it hasn't already done so. They believe only the billions of dollars the Chinese are lending America help keep that country, currently the world's largest economy, afloat.

'About 40 per cent of the dollars in circulation belong to Chinese banks', says Prof Hussein Solomon of the Centre for International Political Studies. 'You could say China today owns 40 per cent of the American economy!'"

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Carrol

ChickenRice

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Posted: Aug 11, 2005 - 01:34 PM

go to Singapore, and you can see where China would like to be in 20 years. A clean and neat business place, where the population is hard working and not interfering the politicans too much.

= boring as hell......

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Kiwi

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Joined: May 07, 2003
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Posted: Aug 12, 2005 - 10:40 AM

"'About 40 per cent of the dollars in circulation belong to Chinese banks', says Prof Hussein Solomon of the Centre for International Political Studies. 'You could say China today owns 40 per cent of the American economy!'"

I am no economist, but I have a funny feeling that above is an oversimplification. Does Prof. Hussein Solomon have a brain? Did he have it switched off during the interview? Does he dribble on himself sometimes?

And ChickenRice's comment that China will be like Singapore in 20 years? Umm. . . I don't think so. Can't imagine billions of peasants turning into Singaporeans in two decades.

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Henry_Chinaski
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Joined: Aug 16, 2003
Posts: 5025

Posted: Aug 12, 2005 - 11:10 AM

Indeed this professor is talking a load of crap.

China's GDP is one tenth (1/10) of the US. Put on top of that some 700 illion usd of reserves, some 500 billion of it as treasury bonds and you are still very, very far away of having anything sizeable.

However, there is strong indication that economic decisions in Beijing are impacting in one way or another among many oil prices, interest rates in the US, inflation targets, housing boom (and it's soon-to-happen collapse), and the list goes on.

I'll post something later about it.