Monday, June 4, 2007

China's Economy Will Become Biggest

A century ago, Britain was the economic superpower but it slipped into second class status, in part because it was bled by the cost of wars. There is no law of nature that says the same can't happen to the United States. Sometime in this century, China will become the world's largest economy. It could then be in a position to call the tunes that the United states now calls. American self-indulgence has put this country in a position to become subservient. We haven't been paying our bills, so we became a debtor nation and much of that debt is held by China. This is a scary situation when you think about it. We should be a lending nation, not a debtor nation. China, a developing country should be a borrower, not a lender. The roles have been reversed. Being deep in debt to China does not bode well for the US remaining master of its own destiny. Nor does the war in Iraq. Not even a country as rich as the United states can sustain the estimated $1 trillion drain on its economy from the war.

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