It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Leading thinkers in the dismal science speaking at an annual convention offered varying visions of U.S. economic decline, in the short, medium and long term. This year, the recovery may bog down as government stimulus measures dry up.
In the long run, the United States must face up to inevitably being overtaken by China as the world's largest economy. And it may have missed a chance to rein in its largest financial institutions, many of whom remain too big to fail and are getting bigger.
Originally posted by DimensionalDetective
Are we seeing the shift of world power beginning to change hands here? Is China emerging as the new financial mega-power? Or is this still a ways off?
Has corporatism and consolidation, mega-banking and disastrous financial policies run amok signaled the fall of the American Empire from its lead position?
Or is there still time to turn this traiwreck around? I know all empires rise and fall, but how many here feel this is truly the last gasps for us financially?
Exclusive: America has ‘reached the point of no return,’ Reagan budget director warns
"We've reached a point of no return. The size of the government. The massive size of the deficits and the national debt that has been created. The precedents that have been established for bailouts and intervention in every sector of the economy. The K Street lobbying system which totally dominates the Congress. All of these are very unhealthy developments.
"And I'm not sure how they are going to be reversed or eliminated," he concluded. "It may be a permanent way of life. Then, if it is, it'll be both a corruption of democracy and a serious weakening of the private capitalistic economy."
Since November 2009, China is the largest auto market in the world. China's automobile industry has been in rapid development since the early 1990s. In 2009, China produced 13.79 million units of automobile, of which 8 million units were passenger cars (sedans, sport utility vehicles (SUV), multi-purpose vehicles (MPV) and crossovers), and 3.41 million units were commercial vehicles (buses, trucks, and tractors). Of the automobiles produced, 44.3% are local brands (BYD, Lifan, Chang'an (Chana), Geely, Chery, Hafei, Jianghuai (JAC), Great Wall, Roewe, Martin Motors, etc.), the rest being produced by joint ventures with foreign car makers such as Volkswagen, General Motors, Hyundai, Nissan, Honda, Toyota etc. Most of the cars manufactured in China are sold within China, with only 369,600 cars being exported in 2009.
China's annual automobile production capacity first exceeded one million in 1992. By 2000, China was producing over two million vehicles. After China's entry into the World Trade Organization (WTO) in 2001, the development of the automobile market further accelerated. Between 2002 and 2007, China's national automobile market grew by an average 21 percent, or one million vehicles year-on-year. In 2006, China’s vehicle production capacity successively exceeded six, then seven million, and in 2007, China produced over eight million automobiles. In 2009, 13.759 million motor vehicles were manufactured in China, surpassing Japan as the largest automobile maker in the world.
The number of registered cars, buses, vans, and trucks on the road in China reached 62 million in 2009, and is expected to exceed 200 million by 2020.
The consultancy McKinsey & Company estimates that China's car market will grow tenfold between 2005 and 2030.
The main national industry group is the China Association of Automobile Manufacturers
In 2009, 13.759 million motor vehicles were manufactured in China
Automotive Industry in the United States - Wikipedia
In 2009, 5,711,823 motor vehicles were manufactured in the United States, the third largest in the world after China and Japan.
...the United States ...may have missed a chance to rein in its largest financial institutions, many of whom remain too big to fail and are getting bigger.