IMF Makes it Official: China's Economy Will Surpass America's Economy by 2016

Yeah, but we'll fool them all. 2012 and the earth will open up to swallow everyone whole.

Other than that, China will be the top dog by 2016, according to the IMF.


April 25, 2011, 7:20 p.m. EDT

IMF bombshell: Age of America nears end
Commentary: China’s economy will surpass the U.S. in 2016
www.marketwatch.com...

BOSTON (MarketWatch) — The International Monetary Fund has just dropped a bombshell, and nobody noticed.

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.

Sorry. This is at least the third thread today about this. I feel a little lazy, but apparently so were you so I will not link them in this post.

oh people are noticing
One would do well to notice what the people around us are
or are not
noticing

it is in that difference
there lies the way

you may not see many of the people who ARE paying attention
The people who HAVE noticed are busy

Yes already threads. It shouldn't be too big of a surprise if, there have been murmurs and rumors for awhile. It's just now official.

reply to post by ccponzi


They won't be after The War.

Ummmm

Easy solution....

JUST DON'T BUY THEIR CRAP ANYMORE.....

that is to say if we continue to decline economically and if china don not flat line from here to 2016. this projection is a highly unlikely. china will not surpass the US.

Not to pick on your choice of words
but i Think it is more of a case of:
not China overpassing the US,
but the US underpassing China....

Originally posted by Rockpuck
reply to post by ccponzi

 

They won't be after The War.

China has a distinct advantage in a nuclear confrontation with all the mountains throughout the country. You can only guess how many underground bunkers are scattered through China. I hear that are monstrous sized bunkers. Bigger than the ones Russia built.

Gee, how big is the Denver Airport Bunker, anyway?

More than a few of America's bunkers have been turned into FEMA camps.

reply to post by ccponzi


We have distinct advantage in not just numbers, we have thousands upon thousands of nukes, but the technology to intercept and defeat incoming ICBMs.

The chances of the US and China going to war are much lower than Russia and China or India and China. Heck even Japan and China, especially if Japan rearms and turns to ultra nationalism in the wake of the horrors over there.

China's biggest threat though is China. Its a fragmented society like the former USSR, with different regions with different peoples. STRATFOR has projected by 2020 that the pressures of modernizing and growing economically could tear China apart into 3 or more nations.

reply to post by MikeboydUS


I'm much less worried about losing economic superiority to China than losing military superiority to China.

Could be losing creature comforts will be good for Americans. Too many people are trying to ride the gravy train, while offering nothing in return.

I invested in land and built a house with gunports, where I'm surrounded by neighbors who are prepared for a dollar collapse. We have farmland, stored canned and dry goods, plenty of ammo. We are confident of weathering an economic collapse. As for those in New York City, Detroit, Chicago, Los Angeles, life is becoming more of a hell (except for the movie stars in Los Angeles), and will become more of a hell when the dollar collapses. It'll be a circle of hell because those people will be trapped, with no way out.

We've got a lot of military and CIA and stuff around here. We support our military. China can have their Wal-Mart (We've got a Super Wal-Mart and a Sam's Club in town), we've got our nukes and neutrons and laser weapons. Long as we are a militarily superior nation, I'm comfortable with the future.

reply to post by MikeboydUS


Yes, and like George Bush said, China's biggest internal threat are a billion or more people. The Chinese governments big concern is how to placate those people. The Chinese have had a taste of freedom and the free market economy. These aren't the days of Mao Zedong leading the peasants against Chang Kai Shek running to Formosa.

Found this article interesting.

Arrogance Of A Banker
Posted on April 28, 2011 by horse237
I am a banker. I gave mortgages to people I knew couldn’t pay me back and made billions of dollar. The mortgages were worthless and could not legally be sold. I packaged the loans into bonds. I sold some of the mortgages five times over. Mere mortals go to jail for selling a home five times but I didn’t. I bought a new type of unregulated insurance called a Credit Default Swap (CDS) which had been invented by my friend Blythe Masters at JP Morgan while she was still back in England.

These Mortgage Backed Securities (MBS) could not pass scrutiny but there was none. The rating agencies charged me a small fee, only looked at the unregulated CDS insurance and gave the bonds a AAA rating. I then went back to the people at AIG and bought a CDS against the bonds I knew to be worthless so I could collect when the bonds went belly up.

So far I had made fees on the mortgages from the home buyers. Some of these people were illegal aliens and we had to help them fill out bogus applications claiming they made $70,000 a year as a babysitter. They couldn’t afford the payments so I had to loan them money to pay my fees and to make the mortgage payments.

I got my money back for the mortgages when I sold the bonds to the pensioners. I knew the pensioners were going to lose their investments in the bonds I sold. I also knew they were going to need their pensions as I had helped to pass the North American Free Trade Act (NAFTA) in 1994 knowing the workers would all lose their jobs and really need their pensions.

When the bonds did start going bad, I collected on my CDS from AIG so I got paid again for the mortgages. In 2008 my friend Hank Paulson from Goldman Sachs was Treasury Secretary. He told the House and the Senate that the banks would pull the plug on the economy if they didn’t bail out the banks and restore liquidity. Paulson threatened the nation with martial law. The people called Washington and said No Bailout.

But there was no contest. We got our Bailout. It was supposed to be limited to 700 billion dollars. But it grew to more than 27 trillion dollars. That is when the real fun began. The first thing I did was to collect a third time on those bad mortgages. Some spoil sport at the Treasury wanted to have me and my friends take a haircut on the Bailout meaning he wanted me to only get most of the money due me rather than all. But my friend Timothy Geithner, the new Treasury Secretary, intervened and said I was to get 100%. That is only fair.

I knew Geithner from the old days when he was the New York Federal Reserve President. He says he remembers me when we were both starting our careers and he was working for my friend Henry Kissinger at Kissinger Associates. I always liked Geithner but I don’t remember that first meeting. He is a good man. Kissinger hired Geithner because he knew Chinese. I think I will hire him as soon as he resigns his position as Treasury Secretary. I need someone who understands money and Chinese. All my investments are over there now. I can’t invest in America any more. Look what terrible shape the country is in.

In 2008 I was involved with Goldman Sachs and JP Morgan in another Bailout program that never made the papers. I never met Ben Bernanke even though he is a Harvard man. We went to school different years. Nevertheless, I did get a 17 billion dollar loan at 0.078% interest in 2008. Some other banks played it safe and loaned the money back to the government for a small profit. Not me.

What our three banks did was join together to buy oil in the futures market in 2008. We bought every barrel of oil 27 times and raised the price each time until gasoline was $5.00 a gallon. We made another fortune. We did this again just recently but I digress.

I have ti tell you that I do not own Wells Fargo and I had nothing to do with the laundering of Mexican drug cartel money. You might have read that Wells Fargo owned five planes which they leased to the cartel so they could take the drugs over the American border. This is something I would never do. What I do is to require my drug clients to make their cash deposits in my offshore bank centers. I get a percentage of the trillion dollars a year in drug money plus the 400 billion in illegal weapons and the 500 billion a year in bribe money. Of course I have to pay bribes to keep this part of my business running. And I must tell you that the bribes I pay to fix your government are not tax deductible. But then I am tax exempt so I guess it doesn’t really matter.

My wife recently almost made it into the papers. Matt Taibbi wrote about my friend John Mack from Morgan Stanley and his wife. My wife is ten years younger, very attractive, from a good school and is what poor men refer to as high maintenance. By that the common men mean that a woman costs a lot to support. But my friend Ben created a special program to help The program is called Term Asset-Backed Securities Loan Facility or TALF. What Ben did was make a loan program where you or rather someone like my wife could walk into the FED and get a loan. To qualify all you had to do was to take the FED loan and buy a dead security. Hand the security over to the FED as collateral. Mt wife invested in bad student loans. The loans that were repaid went to her. The loans that went into default were given to the Federal reserve. It was a great program. Taibbi wrote about Mrs Mack but not my wife because John’s wife had borrowed 37 million dollars more than all the others involved. As I said, it was a great program and bought my wife a new Paris wardrobe and quite a few jewels.

The Bailout is continuing. My friend Blythe Masters is VP for Global Commodities at JP Morgan. She, I and Goldman Sachs are back in the futures market. We are taking that Bailout money you gave us and investing in commodities and oil. To date we have driven up the price of food and oil.

I heard a joke the other day. I am terrible at telling jokes but it is so funny I have to share it. A man was wondering how come he saw prices going up even though the inflation rate released by the federal government is still below one per cent. His friend was market savvy and said. Well what they do is to take their monthly survey and then subtract Tim Geithner’s shoe size. I thought that was funny when I first heard it.

In 2009 Ben Bernanke had a secret Bailout program that unfortunately was made public by a meddlesome lawsuit. I can tell you that the Journalist who sued us has died. The Europeans who had bought those fraudulent MBS from me and my friends threatened a run on the banks if we did not buy back the fraudulent notes. They actually would have sent me to jail with common criminals. But Ben Bernanke had a plan. He created 12.3 trillion dollars almost overnight. He used 6.3 trillion to buy our worthless notes. This kept me and my friends out of jail. All it did to you was to raise the price of your food and gas.

Well by this time next year the Bailouts should just about be completed. By that I mean when prices for food and gasoline double and you won’t be able to pay me any more money. I haven’t decided what I will do about you when I don’t need you any more. I might allow some of you to live past 2012. I would expect you to be on your best behavior. I am tax exempt so I don’t have to pay for your Food Stamps and your Social Security but I do not like people who complain. Just suck it up and pay for those Bailouts in silence.

I really despise people who demand I be arrested and be sent to prison. Don’t they realize the bankers own their government? I never met Eric Holder, the Attorney General, but he has done a good job spiking those investigations and indictments at the Department of Justice. I never met Janet Napolitano over at DHS but she is doing an excellent job and has a special list of men and women who have demanded bankers be arrested.

Just wait until 2012. Then you will learn what I really think about you, I despise you, your family and your damn friends. Get this through your head. You do not matter. Your family does not matter. Your friends do not matter. You are not a banker. You were born to pay me fees and interest. When you can no longer pay the vigorish, you will be of no use to anyone.

Source: vidrebel.wordpress.com...

We just rolled my 401K (80K) over into my bank (Chase Bank) - We have our Social Security we've been paying heavily into for 40+ years.

Seems like I'm always the one paying and everyone else is the one receiving.

Any advice out there.

1) I have a house and townhouse both almost paid off
2) We own one 13 year old car that we share and we are waiting for a hybrid and to be able to buy it cash outright so as not to owe
3) No outstanding credit card bills
4) Credit rating of 789 which is outstanding
5) We have scrimped and saved, no vacations, eating out, expensive clothes or jewelry, no big SUV's - I do have one passion and that is books, my husband treats himself to a movie every Saturday........that's it.
6) We have bought gold, silver, long shelf life (dried) food and supplies.
7) We've been paying into Social Security heavily for 40+ years and now that it's almost time for us to collect my guess is we're going to get screwed along with medicare.

No trolling please and no advice unless you really know WTF is coming down here in America (and America is deeply tied to the Bank of England).

Financial advisors, lawyers, people who really know what they are talking about feel free to expound on what you are doing to head off the coming economical collapse of America.

I'm starting a food garden but still live in the burbs and while I have a nice size yard, I can't have chickens, cows or any animals other than dogs or cats (and I would rather eat some humans I know before I would eat my beloved, sweet innocent dog)................there's an idea, but our mailman and the UPS guys are awfully thin, no meat...........joking / not serious

Anyone that is reading a really good book on surviving the economical collapse feel free like wise to give a short review of the book.

Again, I'm really sick of mean, cruel, sarcastic, immature comments............would just appreciate some solid advice.

Thank you.

ps: While my husband trusts Chase Bank, I don't............don't trust any of them but don't know what else to do.