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Top Adviser To The Chinese Government Calls For A “Global Currency” To Replace The U.S. Dollar

One WorldThe former chief economist at the World Bank, Justin Yifu Lin, is advising the Chinese government that the time has come for a single global currency.  Lin, who is also a professor at Peking University, says that the U.S. dollar “is the root cause of global financial and economic crises” and that moving to a “global super-currency” will bring much needed stability to the global financial system.  And considering how recklessly the Federal Reserve has been pumping money into the global financial system and how recklessly the U.S. government has been going into debt, it is hard to argue with his logic.  Why would anyone want to trust the United States to continue to run things after how badly we have abused our position?  The United States has greatly benefited from having the de facto reserve currency of the planet for the past several decades, but now that era is coming to an end.  In fact, the central bank of China has already announced that it will no longer be stockpiling more U.S. dollars.  The rest of the world is getting tired of playing our game.  Our debt is wildly out of control and we are creating money as if there was no tomorrow.  As the rest of the world starts moving away from the U.S. dollar, global power is going to shift even more to the East, and that is going to have very serious consequences for ordinary Americans.

Sadly, most Americans don’t even realize what is happening.  These comments by a top adviser to the Chinese government should have made front page news all over the nation.  I had to go to China Daily to find the following excerpt…

The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. “The solution to this is to replace the national currency with a global currency.”

Lin, now a professor at Peking University and a leading adviser to the Chinese government, said expanding the basket of major reserve currencies — the dollar, the euro, the Japanese yen and pound sterling — will not address the consequences of a financial crisis. Internationalizing the Chinese currency is not the answer, either, he said.

And this is not the first time that we have heard these kinds of comments coming out of China.  For example, Xinhua News Agency called for a “de-Americanized world” back on October 14th…

“It is perhaps a good time for the befuddled world to start considering building a de-Americanized world.”

That particular news agency is controlled by the Chinese government, and if the Chinese government did not approve of that statement it never would have made it into the paper.

Then in November, the central bank of China announced that it is going to stop stockpiling U.S. dollars.

Most Americans don’t want to hear this, but what we are witnessing is a massive shift in global power.  China is catching up to us in a multitude of ways, and they are getting tired of playing second fiddle to the United States.  In fact, China is already surpassing the U.S. in a number of key areas…

-China accounts for more global trade than anyone else in the world.

-China imports more oil from Saudi Arabia than anyone else in the world.

-China imports more oil overall than anyone else in the world.

-It is now being projected that Chinese GDP will surpass U.S. GDP in 2017.

When the rest of the world quits using U.S. dollars to trade with one another and quits lending our dollars back to us at ultra-low interest rates, things are going to start changing very rapidly.

In a previous article, I discussed why having the reserve currency of the world is so important to the United States…

The largest exporting nations such as Saudi Arabia (oil) and China (cheap plastic trinkets at Wal-Mart) end up with massive piles of U.S. dollars.

Instead of just sitting on all of that cash, these exporting nations often reinvest much of that cash into low risk securities that can be rapidly turned back into dollars if necessary.  For a very long time, U.S. Treasury bonds have been considered to be the perfect way to do this.  This has created tremendous demand for U.S. government debt and has helped keep interest rates super low.  So every year, massive amounts of money that gets sent out of the country ends up being loaned back to the U.S. Treasury at super low interest rates.

And it has been a very good thing for the U.S. economy that the federal government has been able to borrow money so cheaply, because the interest rate on 10 year U.S. Treasuries affects thousands upon thousands of other interest rates throughout our financial system.  For example, as the rate on 10 year U.S. Treasuries has risen in recent months, so have the rates on U.S. home mortgages.

Our entire way of life in the United States depends upon this game continuing.  We must have the rest of the world use our currency and loan it back to us at ultra low interest rates.  At this point we have painted ourselves into a corner by accumulating so much debt.  We simply cannot afford to have rates rise significantly.

As the rest of the globe moves away from the dollar, demand for the dollar is going to go down and that is going to cause a lot of inflation – especially for imported goods.  So the days of piling lots of cheap plastic stuff made in China into your shopping carts is coming to an end.

And as the rest of the globe moves away from U.S. debt, interest rates are going to go much higher than they are today.  Eventually, the U.S. government will be paying out more than a trillion dollars a year just in interest on the national debt and all loans throughout our entire financial system will have higher interest rates.  This is going to cause economic activity to slow down dramatically.

On the global economic stage, China is playing checkers and we are playing chess, and we are getting dangerously close to checkmate.

Meanwhile, China is also rapidly catching up to us militarily.

At a time when U.S. military spending is actually decreasing, China is spending money on the military aggressively.

In 2014, Chinese military spending will rise to $148 billion, which represents an increase of 6 percent over 2013.

The balance of power is shifting right in front of our eyes.

For example, at one time the U.S. Navy reigned supreme and the Chinese Navy was a joke.

But now that is rapidly changing.  The following is from an article posted on military.com

The Chinese navy has 77 surface combatants, more than 60 submarines, 55 amphibious ships and about 85 missile-equipped small ships, according to the report first published by the U.S. Naval Institute. The report explains that more than 50 naval ships were “laid down, launched or commissioned” in 2013 and a similar number is planned for 2014.

Of particular concern is the growth of the Chinese submarine fleet.  The Chinese now have submarine launched ballistic missiles with a maximum range of about 4,000 miles…

ONI raised concerns about China’s fast-growing submarine force, to include the Jin-class ballistic nuclear submarines, which will likely commence deterrent patrols in 2014, according to the report. The expected operational deployment of the Jin SSBN “would mark China’s first credible at-sea-second-strike nuclear capability,” the report states.

The submarine would fire the JL-2 submarine launched ballistic missile, which has a range of 4,000 nautical miles and would “enable the Jin to strike Hawaii, Alaska and possibly western portions of CONUS [continental United States] from East Asian waters,” ONI assessed.

In addition, China is also working on “hypersonic glide vehicles” that can travel “at speeds of up to Mach 10 or 7,680 miles an hour”.  The following is an excerpt from a recent Washington Free Beacon article…

The Washington Free Beacon first disclosed China’s Jan. 9 flight test of a hypersonic glide vehicle that the Pentagon has called the WU-14.

The experimental weapon is a new strategic strike capability China’s military is developing that is designed to defeat U.S. missile defenses. China could use the vehicle for both nuclear and conventional precision strikes on targets, including aircraft carriers at sea.

U.S. officials said that, while the glide vehicle test was not an intelligence surprise, it showed China is moving much more rapidly than in the past in efforts to research, develop, and test advanced weaponry.

The world is changing, and the United States is not the only superpower anymore.  China is thriving and Russia is also on the rise.  Five years from now, the world is going to look far, far different than it does today.

Sadly, most Americans do not care about these things at all.  Most of them are much more concerned about the latest celebrity scandal or about what Justin Bieber has been doing.

In the end, most Americans will have no idea what is happening until it is far too late to do anything about it.

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  • K

    At the rate the Chinese were stockpiling gold, I have been expecting them to make a currency move.As to the Chinese navy. The subs may be the greatest concern for the U.S. But if I lived in their neck of the woods. ,Those 55 amphibious ships would concern me just as much. That is a very large troop landing capability.

    • Eric Quintero

      If they hit us when our economy is destabilized, then yes, we should be very worried. We’re going to be very vulnerable.

    • FirstGarden

      K, the Chinese have no interest in nuking or invading us. They have too much of an instinct for self-survival, unlike some people we know out there. No matter how many subs, nukes & bobbles they develop, we still could retaliate and utterly decimate them. (M.A.D.) No, they will nail our coffin financially. And we are beautifully complicit. Perhaps the only reason they haven’t called us in yet, is because our economies are too intertwined, and our downfall would really hurt them. So, it only stands to reason that they are positioning themselves so that it WON’T hurt them, at least not as much. As I understand it, once we lose reserve currency status, we’re toast.

      • K

        No invasion is reserved for those Countries near them. If we are ever insane enough to start the second civil war some seem so anxious for. They let me assure you, either China or Russia or both will nuke us. It would be too much of an opportunity to pass up.

        • FirstGarden

          Even if they did, they would do so with the certain knowledge that they will receive devastating retaliation, to put it lightly. All through the Cold War, mutually assured destruction (M.A.D) was what deterred everyone. I don’t see anything that will stop that retaliation. Unless we have an absolute lunatic in office. But even then, the political pressure for nuclear response will be overwhelming.

          Now, nukes in the hands of someone who would gladly strap a bomb around their chest? (Heaven’s probably run out of virgins by now, but they don’t know that.)

          Maybe the Nuke G–k in N Korea will sell it to them for some much needed hard cash.

          Maybe Iran will send multiple boats (harmless looking freighters) near our coasts, in the wee hours of the nite. The back decks will rise, and out will fire missiles that detonate above our atmosphere. How can 5o ships fail? Maybe China will sell them some subs. But, nukes in the air equal lots of lovely EMP to fry all non-hardened electronics across the continental US.

          A ter r o r i s t’s dream bomb.

          Your thoughts?

          • K

            You must know something we all do not. In the last few months 95 nuclear officers have been dismissed from their duties. Our land based systems are ancient, and not near as many subs are on patrol. Now add in if we start fighting amongst ourselves. Certain devastating destruction for China and Russia, not hardly..

          • FirstGarden

            My friend, what hit Hiroshima and Nagasaki was a mere 15-21 kilotons, and annihilated those cities!

            ONE THOUSAND kilotons equals

            ONE Megaton.

            FIFTY Megatons equals 50 THOUSAND Megatons.

            This is equivalent to about 1,350–1,570 times the COMBINED power of the bombs that destroyed Hiroshima and Nagasaki

            Though we’ve “cut way back”, (who knows for sure), even a garage-sale-leftovers worth of icbms or cruise missiles is enough to wipe virtually all civilization off the earth.

            We have them. The Russians and Chinese do, in deliverable fashion. With all due respect, you appear to discount the US arsenal as though we have entirely, unilaterally disarmed, suffering from some kind of pipe dream that they have too.

            NOBODY wants to get hit with this, either by first strike or by retaliation.

            Except for those who are suicidal. Anyone come to mind?

          • FirstGarden

            Oh, please don’t misunderstand me. I am for military preparedness in all forms, including nuclear. To dismantle all that, invites disaster.

            As Augustine said, war is “a necessary evil.”

            The defense establishment is an a colossal industry in and of itself – huge defense contracts, parts suppliers and multiple other supportive infrastructure. Also a plethora of entitlements, including childcare.

            I just think we could be a lot smarter with the money we spend. The cumulative waste alone could add up to many billions. Think $640 toilet seats, $435 claw hammers, $7,600 coffee makers. And this is a tip of an iceberg of how business milked & bilked Gov’t contracts (our tax money) to the hilt!

            I say throw out all the bums and start fresh. That way, they won’t be so well-connected when they go corrupt and turn into multiple-decade career bums.

          • Gay Veteran

            quit wetting your pants over Muslims and the Chinese

  • Rodster

    In the end the super global currency I see might be coming from the BIS and IMF.

    Think about it? Could you really trust the Chinese with a world reserve currency when they have pumped in 4-5x the cheap money the Fed has and have their own secret shadow banking system.

    We are also seeing the US going out of their way to destabilize other countries that are either in close proximity to China or Russia but who are allies of those nations.

    It’s kind of amusing how 6-7 years ago Michael Savage called out the US Military for allowing the Chinese to board their ships and submarines and take pictures of them. Also in the Clinton adminstration their were several high ranking officials who got cozy with the Chinese. IIRC Sandy Berger was one of them.

    • Rodster

      Brandon Smith had his article posted on SHTFPlan titled “The Final Swindle Of Private American Wealth Has Begun”

      Quote:
      If you view the progressive financial breakdown in America as some kind of “comedy of errors” or a trial of unlucky coincidences, then there is not much I can do to educate you on the reasons behind the carnage. If, however, you understand that there is a deliberate motivation behind American collapse, then what I have to say here will not fall on biased ears.

      The financial crash of 2008, the same crash which has been ongoing for years, is NOT an accident. It is a concerted and engineered crisis meant to position the U.S. for currency disintegration and the institution of a global basket currency controlled by an unaccountable supranational governing body like the International Monetary Fund (IMF).

      The American populace is being conditioned through economic fear to accept the institutionalization of global financial control and the loss of sovereignty.

      • Rodster

        I remember Glenn Beck back in 2008-09 going off how all of this was going on behind the scenes with the help of George Soros and how the final piece of the puzzle was the destruction of the US economy so as to institute a one world global currency.

        Further quote from Brandon Smith:

        “If you continue to believe that the Fed actually exists to “help” stabilize our economy or our currency, then you will never find the
        logic behind what they do. If you understand that the goal of the Fed and the globalists is to dismantle the dollar and the U.S. economic
        system to make way for something “new”, then certain recent events and policy initiatives do start to make sense.”

        • Eric Quintero

          Its a controlled demolition of the financial system. And possibly a controlled culling of the herd. With so much civil unrest, they surely intend to bring death, famine, pestilence and war to nations all around the globe. Not to mention fascism and extreme government control.

          I actually remember seeing this in the Matrix…

          That trilogy’s prophetic overtones become more clear and accurate with each passing year.

          • Rodster

            All of the above, and Michael has written about it such things, including Agenda 21 which so many dismiss as conspiratorial. So there is a real need to be concerned as the eventuality is global governance which by the way has been a long standing belief of George Soros i,e, “no one nation or borders”.

  • Rene Girrard

    The Chinese should strike while Obama is president. He hates our military, and he doesn’t have a clue what he is doing. Bill Clinton gave the Chinese our missle guidance technology, and Bill Clinton bombed all the bridges in Serbia, and these people were our allies. I would strike if a democrat was president.

    • Jim Davis

      The way that Bush I and II sent out military to die in wars for Israel and The Saudi Royal family, I’d say the Bush’s hated them even more than Obama does.

  • Jack

    Sadly most Americans don’t care about… you know, why should we? Why should anyone care about anything anymore? The world is on the road to failure and tons of corruption exist in every country. What is there to look forward to in the future? Humanity is finished, we’ve done everything there is to do.

    • K

      And this is why we will lose. This is the majority opinion, no fight in them at all.

    • Bryan

      but thankfully God is not finished for we are watching the last man made empire come together for it’s mear 7yr reign the dream Nebucanezzar had of the statue the 10 toes made of clay and iron and then the true King of kings will return Jesus Christ who was and is and is TO COME!! :-) I am amazed at the rapid pace we are heading towards revelation 13!! but i am oh so very very grateful for revelation 7!

  • DJohn1

    World currency? China rules! Ali Baba and his 40 thieves should be proud!
    If you have a common currency world wide what is to keep someone from using that to starve anyone they do not like? I think we have all ready done that a few times.
    I suggest that we close our doors. Rather late, but better late than never. To do that we need to replace the huge vacuum of retail goods that this will make. That means employing Americans to produce those goods. 50% unemployment might become 5% overnight.
    I suggest we suspend all foreign aid payments to everyone.
    I suggest we declare bankruptcy on the national debt and start over.
    That hovercraft idea is old as the hills. It goes under existing radar. The big problem? If you throw a bird in front of it the difference in speed makes one of them harder than a diamond. Anyone that has seen a straw go through a telephone pole in a hurricane or tornado knows what I am speaking of.
    So someone shoots a 12-guage at it or in front of it is going to cause a whole lot of damage. You don’t shoot at it, you shoot in its path.
    I hope they took their radioactive pills with them. According to Michael, the Pacific is going radioactive.
    I suggest being in a sub in the Pacific might not be such a great idea.
    The danger of the industrial complex is they are in it strictly for the money. You will have a necessarily aging fleet with tech that is out of date. It takes a lot of money to bring it up to date. Money for development that does not profit these jerks.
    China has one resource only India matches. That is people. Enormous numbers of people in far too small a space.Given a bell curve, that means at least 10% of those people are very highly intelligent and multiple talented individuals. We have a fraction of that population to feed.
    The vulnerability is that the government have to find a way to feed all those people. Or they have to kill them off somehow in a way that does not come back to kill off the leadership of the country. War is the historical and customary way that is done. We feed those people when we buy all these cheap retail goods. It has been a good partnership for them because they do not have to go to war with anyone as long as they are thriving as an economy.
    Part of that problem is the need to expand. It is llike a 600 pound person attempting to lose weight. The eight is the difficulty to support a population that large.
    The customary way of dealing with this will not work. So I applaud the attempt to make a currency that will be good for everyone. I just don’t see it happening anywhere soon.
    6/7ths of the surface of this world is covered with oceans. Up until this year I would have suggested we figure out a way to breathe water and populate the oceans with a new kind of food production and farming. It is still possible but the radiation coming from Japan is limiting that option.
    China has a huge desert. That desert is really dry. It needs to be put back into productive use. That is a war that we could all get behind. Hydroponic farming has been around for years and it is an answer. Disney has entire exhibits of how this can be done at Epcot.
    The focus here is on our debts. What needs to be done is really old fashioned Yankee inventiveness. We really need to get rid of all the government spending and get back to old fashioned common sense.
    China has long had a fleet of fishing boats of people that live on the boats and feed themselves from the surrounding oceans. They are not dependent on money. They survive on basic fishing skills.
    It wouldn’t take much to develop those skills into underwater farming. The tech is there if we are willing to develop it.
    In the past, having enormous numbers of people was a strategic advantage and the Japanese proved this in World War II. Atomic Weapons at the end of World War II made that advantage non-existent.
    In one day’s time 2/3rds of the human race could disappear in weapons so horrifying that no one wins.
    So the only way anyone wins is to stop the wars and start economic programs that will eliminate war as an option for anyone. The choice is ours. Ours and the so called enemies we have all over this planet.
    Those weapons the Chinese have developed are useless. What profit it a country to unleash this hell if they come home to a radioactive ruin? And it is not necessarily a radioactive ruin at this point in time.
    Our planet rotates at approximately 5 miles per second(18,000 miles per hour). Robert Heinlein in a space fiction drama called the Moon is a Harsh Mistress spelled out how asteroids from space could eliminate far more and pinpoint accuracy any city in the world by simply throwing these huge rocks in the right direction with the right booster rockets. That was many years ago. The tech is there to do it.
    Our only choice if we are to survive is not an economic war against one another. It is to figure out a way that we can all survive. That will not be done with superior weapon systems. It will take a whole lot of cooperation between all of us.
    A single currency only helps if it is equal enterprise where cultures swap imports between them so that no one nation holds all the chips. Don’t see the Chinese going for that until they realise they are cheating themselves.

  • http://en.wikipedia.org/wiki/Gordon_Gekko Gordon Gekko

    This United States is in serious financial trouble and the B.S. main street media is not telling people the real truth on things like China not accepting the reserve currency

  • Mohsen Samii

    It is is of no use warning the Americans any further as THEY WILL NOT WAKE UP, they cannot as they have been drugged for the past so many many years and these drugs have penetrated their DNA and it has become a part of them. About this super currency that you talk about- nonsense man get the world back to the tangible which is the Gold Dinar and the Silver Diraham. With regards to interest rates- cut it out as you seem to favor it- interest free should be the bases of any new world currency. If a change is coming and what you are suggesting is in fact as far as I can understand you is to change the flies whereas the muck will remain the same and the bankers carry on in their usual way in flessing the world for their own benefit.

  • Piglet

    I often see phrases such as “cheap plastic trinkets at Wal-Mart” when referring to Chinese products, yet at the same time there’s wailing that millions of good manufacturing jobs have gone to China. You can’t have it both ways, and a review of products in any kind of store you can name is that China produces far more than “cheap plastic trinkets.”

    • FirstGarden

      I don’t think the writer meant it as a slur on the Chinese. But it is true that we’ve brought it upon ourselves, in terms of gutting out our manufacturing base. Also, quite possibly due to natural economic forces. I’ll explain..

      I worked retail for 28 years and have seen a lot of change in how product is made. When Japanese imports were first on the rise, we laughed because the quality was cheap. Then it got better & better over time, even surpassing some U.S. made goods. The cars and electronics are two strong examples. Their repair index really shined (less incident of repairs), as their their design concepts and hardware integrity improved.

      Detroit used to make great cars. Then, characteristic of large public companies, profit was all that mattered anymore. CEOs got fat in the saddle and hardware integrity declined, in a great many cases. Along came the Toys from Yoda & the Help-me-(R)hondas. This was a real game-changer, as they built their cars with a different philosophy of quality vs. quantity. Yeah, their aftermarket (parts, accessories) wasn’t so great, but they won great brand-loyalty — customers for life. I’m an example of that. I’d much rather buy American, but not to the point of rewarding poor business practice, i.e., rotten hardware integrity.

      I do realize that Detroit still managed to produce a few good vehicles. Too few. Then when the CEOs of the Big Three took their tin cups to Washington, each flying in on their private jets, it was a prime spectacle of how far we’ve fallen — from responsible entrepreneurship to low-crawling cronyism. Give them a bonus!

      BTW, I never mentioned labor here, as a part of quality control, because there are lots of good, hard-working people to be found in every country.
      Once units, in their entirety, were manufactured with parts from relatively few sources. Then parts came from all over the world, the cheaper the better. Basic commodities were dumbed down too, as man learned more & more how to play with alloys, often resulting in near-junk status.

      Then South Korea came along, more or less following in Japan’s footsteps. They first produced junk, but got increasingly better over time.

      Then China emerged. My first realization of that was when a Chinese customer refused to buy a car stereo from me (around 1985.) It was made in China, and at that time, to the Chinese that was anathema.

      Then the Chinese goods got better and better. (Not the cheap plastic trinkets, but the overall reliability of higher quality products.) But, anything edible, or personal (lotions, meds..) I would still be really careful with, due to manufacturing products that are still substandard, in terms of safety. In time, those wrinkles will iron out. But by then our goose will be well cooked. I would dearly love to be wrong.

  • Jason7189

    There will be a new system, but it probably won’t happen for a little while. Revelation 13, is roughly mid tribulation, which means at least 3 1/2 more years from now. When Israel and surrounding Nations sign a covenant for 7 years, then it’ll be 3 1/2 years.

    Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

    • Jim Davis

      Blah blah revelation blah

  • westernwoman.wordpress.com

    Changing currency hurts. I was a missionary kid in Spain when the peseta switched over to the Euro. I remember everyday items getting a 30% price increase. People who have experienced the switch from the peso to the dollar, etc. had the same problem. That was a relatively small-scale change, compared to a world currency. When the time comes it’s going to be ugly, and we best be prepared for the worst.

    • Sandbagger

      Pastor Lindsey Williams said there’s going to be a Global Currency Reset and prices will rise 30% in the U.S. because of it. This is supposed to happen very soon.

      YouTube Lindsey and Global Currency Reset to hear about this.

  • seth

    The one-world-currency as predicted in Revelations is soon upon us, along with the one-world-government and ecumenical religion. Strange as it may seem, the Catholic Church has become largely apostate since the times of Constantine when it was infiltrated, and the Satanic babylonian occult religion, now known as cabbalah/talmudic judaism (not torah jews) has become widespread amongst the youth, having been enforced through television/cultural entertainments. Our war is not just physical, but mental and spiritual too.

  • Libsare Ajoke

    do you have any happy websites?

  • Rafael Centenera

    lol

  • Donald Wilson

    China, Russia and many, many more nations are in the same boat as the U.S. In the end the goal is one government, one currency, one military, one set of laws for the world to follow. Many millions will die in the process. Isn’t that what the New World Order wants. In the end these globalist scumbags want to eliminate over 6 billion. Life will be sheer hell.

    Bravo Two Zero out…

  • Gay Veteran

    “…At a time when U.S. military spending is actually decreasing, China is spending money on the military aggressively….”
    and yet the U.S. is the one engaged in a pivot to Asia.
    our imperialism knows no bounds

  • THE MONEY PROPHET

    sAVE YOUR MONEY THE sOUTH WILL RISE AGAIN !!!

  • Cronos17

    Check your figures, your sited source for “China could pass us in 2017″ is an opinion page that has the values wrong for US and China GDP.

    According to the World Bank the figures are:
    China 8.2 Trillion
    USA 16.2 Trillion, nearly twice China’s value

    if China’s GDP increases at the white hot rate of 10% relative to the US, an extremely unlikely event. It will take 8 years for China to pass us, putting the number at 2022. Not comforting but actually fact based.

    A more realist value based on 5% relative to the USA, would have China pass us in 2028.

    Are all your links this fallacious?