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(visit the link for the full news article)
China overtook the U.S. last year as the world’s biggest economy when measured in terms of purchasing power, according to Arvind Subramanian, senior fellow at the Peterson Institute for International Economics in Washington.
The size of China’s economy in 2010 was $14.8 trillion, compared with the U.S.’s $14.6 trillion, when accounting for the countries’ differing costs of living, Subramanian wrote in a note published yesterday, a week before President Hu Jintao visits Washington. So-called purchasing power parity calculates gross domestic product using exchange rates that adjusts
Originally posted by Vitchilo
Of course, both countries GDP is made up... so it comes down to... who's the biggest liar... and who's the best?
Both economies really are made up on lies and inflated on stimulus. Who will reach the end of the rope first?
Me thinks the US have chances since it doesn't have a central government who can do whatever the hell they want without much trouble... The US, unless it's under martial law, cannot do that... and declaring martial law would probably mean civil war.
Anyway, I'm grabbing my popcorn to see the race to who's gonna blow up first.
And even if this report was to be taken at face value... then it means China doesn't need the ``US consumers`` anymore and can drop the US dollar whenever the hell they want destroying it. They sure are positioning themselves for that since they are now trading yuan outside of China.
(visit the link for the full news article)edit on 14-1-2011 by Vitchilo because: (no reason given)
Originally posted by backinblack
I back China, do you give odds.?
This shift has been in process for 30 years. China exports more than Germany, much of that in the form of good produced in factories on behalf of Western countries. Much of the population is still poor, but labor and material prices are on the rise in China. It makes sense, as domestic growth must compete for the same physical and people resources.
However, they’re also on the rise throughout other parts of Asia, including Indonesia, Vietnam, and Bangladesh. What we now see is the beginning of a shift of economic conditions. For a short period of time, companies could become manufacturing nomads, moving from one country to another in search of low costs. Eventually, however, you run out of new territories.