Made In China…Move Over U.S.

To hear a number of prominent economists tell it, it doesn't look good for the U.S. economy, not this year, or in the near future.

This year, the recovery may slow considerably as government stimulus measures dry up. In the not too distant future, the United States must wake up to the inevitable, being overtaken by China as the world's largest economy. Estimates put the size of the Chinese economy on par with the United States as soon as 2014 to 2020. The United States will need to come to terms with the fact that its prevalence in the world is fated to come to an end.

MIT's Simon Johnson, at a recent economic conference put it more bluntly, saying the damage from the financial crisis and its aftermath have dealt U.S. prominence a permanent blow.

"The age of American predominance is over," he told a panel. "The (Chinese) Yuan will be the world's reserve currency within two decades."

Categories: National + Global News