(c) Michael Snyder
China is wiping the floor with the United States on the global economic stage, and most Americans are so clueless that they have absolutely no idea what is happening. The number one global economic superpower is in an advanced state of decline, and the number two global economic superpower is becoming stronger with each passing day. Unless something truly dramatic happens, it is only a matter of time before China overtakes America and become the dominant economic force on the planet. In fact, China is already exercising economic superiority over the United States in a whole host of ways. China produces more goods than we do, China does more total trade in goods with the rest of the world than we do, China produces more cars than we do, China produces more gold than we do, China consumes more energy than we do, China produces more coal than we do and China produces more steel than we do. Every single year, we buy far more from them than they buy from us, and this has made them exceedingly wealthy. Our politicians regularly make trips over to China to beg them to lend us back some of the money that they have taken from us. Today, we owe China more than a trillion dollars and the Chinese are sitting on the biggest pile of foreign currency reserves that the world has ever seen. All of this wealth has fundamentally transformed the nation of China over the past couple of decades. Just check out the startling photographs of China from space in this article that show how China dramatically changed between 1992 and 2010. As China continues to become stronger and as America continues to become weaker, will our children some day wake up in a world where the Chinese are telling them what to do?
China became the number one exporter of goods back in 2009, but now China has reached another milestone on the road to global economic dominance.
When you total up all exports of goods and all imports of goods, China now conducts more total trade in goods with the rest of the globe than the United States does.
China’s emerging role as the dominant player in global trade is shaking things up all over the planet. The following is a brief excerpt from a recent Bloomberg article…
China’s growing influence in global commerce threatens to disrupt regional trading blocs as it becomes the most important commercial partner for some countries. Germany may export twice as much to China by the end of the decade as it does to France, estimated Goldman Sachs Group Inc.’s Jim O’Neill.
“For so many countries around the world, China is becoming rapidly the most important bilateral trade partner,” O’Neill, chairman of Goldman Sachs’s asset management division and the economist who bound Brazil to Russia, India and China to form the BRIC investing strategy, said in a telephone interview. “At this kind of pace by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe.”
If current trends continue, what will the world look like in 10 years?
Will the Chinese dominate the entire global economy?
What would that mean for America?
Sadly, Chinese dominance is already having very serious negative consequences in this country.
The following are 40 ways that China is beating America…
#1 As I mentioned above, when you total up all imports and exports of goods, China is now the number one trading nation on the entire planet.
#2 During 2012, we sold about 110 billion dollars worth of stuff to the Chinese, but they sold about 425 billion dollars worth of stuff to us. That was the largest trade deficit that one nation has had with another nation in the history of the world.
#3 Overall, the U.S. has run a trade deficit with China over the past decade that comes to more than 2.3 trillion dollars.
#4 China now has the largest new car market in the entire world.
#5 China has more foreign currency reserves than anyone else on the planet.
#6 China is the number one gold producer in the world.
#7 China is also the number one gold importer in the world.
#8 The uniforms for the U.S. Olympic team were made in China.
#9 85 percent of all artificial Christmas trees are made in China.
#10 The new World Trade Center tower is going to include glass that has been imported from China.
#11 The new Martin Luther King memorial on the National Mall was made in China.
#12 One of the reasons it is so hard to export stuff to China is because of their tariffs. According to the New York Times, a Jeep Grand Cherokee that costs $27,490 in the United States costs about $85,000 in China thanks to all the tariffs.
#13 The Chinese economy has grown 7 times faster than the U.S. economy has over the past decade.
#14 The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.
#15 The United States has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.
#16 Overall, the United States has lost a total of more than 56,000manufacturing facilities since 2001.
#17 According to the Economic Policy Institute, America is losing half a million jobs to China every single year.
#18 China now produces more than twice as many automobiles as the United States does.
#19 Since the auto industry bailout, approximately 70 percent of all GM vehicles have been built outside the United States.
#20 After being bailed out by U.S. taxpayers, General Motors is currently involved in 11 joint ventures with companies owned by the Chinese government. The price for entering into many of these “joint ventures” was a transfer of “state of the art technology” from General Motors to the communist Chinese.
#21 Back in 1998, the United States had 25 percent of the world’s high-tech export market and China had just 10 percent. Ten years later, the United States had less than 15 percent and China’s share had soared to 20 percent.
#22 The United States has lost more than a quarter of all of its high-tech manufacturing jobs over the past ten years.
#23 China’s number one export to the U.S. is computer equipment, but the number one U.S. export to China is “scrap and trash”.
#24 The U.S. trade deficit with China is now more than 30 times larger than it was back in 1990.
#25 China now consumes more energy than the United States does.
#26 China is now the leading manufacturer of goods in the entire world.
#27 China uses more cement than the rest of the world combined.
#28 China is now the number one producer of wind and solar power on the entire globe.
#29 There are more pigs in China than in the next 43 pork producing nations combined.
#30 Today, China produces nearly twice as much beer as the United States does.
#31 Right now, China is producing more than three times as much coal as the United States does.
#33 China now produces 11 times as much steel as the United States does.
#34 China produces more than 90 percent of the global supply of rare earth elements.
#35 China is now the number one supplier of components that are critical to the operation of U.S. defense systems.
#36 A recent investigation by the U.S. Senate Committee on Armed Services found more than one million counterfeit Chinese parts in the Department of Defense supply chain.
#37 15 years ago, China was 14th in the world in published scientific research articles. But now, China is expected to pass the United States and become number one very shortly.
#38 China now awards more doctoral degrees in engineering each year than the United States does.
#39 The average household debt load in the United States is 136% of average household income. In China, the average household debt load is 17% of average household income.
#40 The Chinese have begun to buy up huge amounts of U.S. real estate. In fact, Chinese citizens purchased one out of every ten homes that were sold in the state of California in 2011.
Are you starting to get the picture?
And in the years ahead China is projected to become even more powerful economically.
In fact, the IMF is projecting that China will surpass the United States and become the largest economy on the planet in 2016.
That is just three years from now.
Nobel economist Robert W. Fogel of the University of Chicago is projecting that if current trends continue, the Chinese economy will be three times larger than the U.S. economy by the year 2040.
Could you imagine a world where China has vastly more economic power than the U.S. does and dictates the direction of the global economy?
That is where we are heading.
The dragon is rising and the torch is being passed.
So how do you think all of this will end? Please feel free to post a comment with your opinion below…