Monday, December 8, 2014
The Chinese economy has overtaken the United States economy to become the largest in the world
For the first time since Ulysses S. Grant was president, the United States is not the leading economic power on the planet. The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in “real” terms of goods and services, China will in 2014 produce $17.6 trillion — compared with $17.4 trillion for the USA. As recently as 2000, the United States produced nearly three times as much as the Chinese. This latest economic earthquake follows the development in 2013 when China surpassed the United States for the first time in terms of global trade. Throughout history, political and military power have always depended on economic power. Britain was the workshop of the world before she ruled the waves. And it was Britain’s relative economic decline that preceded the collapse of her power. And it was a similar story with previous hegemonic powers such as France and Spain. Amazingly, the Chinese were able to surpass the USA with virtually no Hispanic immigrants!