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Peter Schiff on China surpassing The US as The Largest Economy

CHINA NOW WORLD’S LARGEST ECONOMY — United States Slips to the 2nd Largest Economy

As if we needed more depressing news with the social upheaval, foreign

policy failures and a crushing national debt that has just topped $18

trillion, the International Monetary Fund has noticed that the U.S. is

no longer the world’s No. 1 economy. We have slipped to No. 2, behind

China, a Communist dictatorship. China becoming the world’s largest

economy comes as no surprise. In the past two decades, as China moved

away from a centralized economy to a communist version of free-market

capitalism, it was no longer if China would become the world’s largest

economy but when. it’s official. The Chinese economy just overtook the

United States economy to become the largest in the world. For the first

time since Ulysses S. Grant was president, America is not the leading

economic power on the planet. It just happened — and almost nobody

noticed.

“Our money” is now “their money” because American

consumers and businesses buy lots of Chinese products and pay for them

in dollars, leaving China with trillions in our currency. They use our

money not just for military purposes but also to buy U.S. bonds to

underwrite our annual deficits. That is a dangerous combination, which

is why I have said the greatest threat long term to U.S. security is

China, not radical Muslims.

China May Dump Dollar

Unfortunately, things are changing at a pace that is much faster than

most people ever thought possible. The following are 26 other ways that

China has surpassed America…

#1 When you add up all imports and

exports, China now accounts for more total global trade than the United

States does. #2 There is now more total corporate debt in China than

there is in the United States. #3 During 2013, we sold about 121 billion

dollars worth of stuff to the Chinese, but they sold about 440 billion

dollars worth of stuff to us. That was the largest trade deficit that

one nation has had with another nation in the history of the world. #4

China is now the leading manufacturer of goods in the entire world.

#5 Back in

1998, the United States had 25 percent of the world’s high-tech export

market and China had just 10 percent. Today, China’s high-tech

exportsare more than twice the size of U.S. high-tech exports. #6 The

United States had been the leading consumer of energy in the world for

about 100 years, but during the summer of 2010 China took over the

number one spot. #7 China now has the largest new car market in the

entire world. #8 China has more foreign currency reserves than anyone

else on the planet. #9 China is the number one gold producer in the

world. #10 China is also the number one gold importer in the world. #11

15 years ago, China was 14th in the world in published scientific

research articles. But now, China is expected to pass the United States

and become number one very shortly. #12 China is also expected to soon

become the global leader in patent filings. #13 China awards more

doctoral degrees in engineering each year than the United States does.

#14

China has the world’s fastest train and the world’s most extensive

high-speed rail network. #15 China uses more cement than the rest of the

world combined. #16 Today, China produces nearly twice as much beer as

the United States does. #17 85 percent of all artificial Christmas trees

are made in China. #18 There are more pigs in China than in the next 43

pork producing nationscombined. #19 China is now the number one

producer of wind and solar power on the entire globe.

#20 China

produces more than twice as much cotton as the United States does. #21

China produces more than three times as much coal as the United States

does. #22 China now produces 11 times as much steel as the United States

does. #23 China controls over 90 percent of the total global supply of

rare earth elements. #24 An investigation by the U.S. Senate Committee

on Armed Services foundmore than one million counterfeit Chinese parts

in the Department of Defense supply chain.

Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as “Doctor Doom” because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called “Crash Proof” and a follow-on called “The Little Book of Bull Moves in Bear Markets”. He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.

Peter Schiff on China surpassing The US as The Largest Economy

Source: Peter Schiff on China surpassing The US as The Largest Economy

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The Peter Schiff Blog: Videos, Articles, and Summaries

The Peter Schiff Blog consists of articles and videos from Peter Schiff. A summary of each video is also provided. This page is updated with Peter Schiff's investment advice and commentary on stock recommendations, the global financial markets, and the economy.