USA is no longer the world's number one economy. Today it became number two and the country owes that to the leadership, or should we say the lack thereof. It is now official, the PRC aka China's economy has just passed USA aka America's economy to become the largest in the world. This is the first time since President Ulysses S. Grant that America is no longer the leading economic power on this planet.
According to IMF, aka International Monetary Fund, China will have produced $17.6 trillion, compared to $17.4 trillion for USA's national economic output in “real” terms of goods and services. In other words, China now accounts for 16.5% of the global economy when measured in real purchasing power terms, compared to 16.3% for the U.S.
Make no mistake about it. This is a geopolitical earthquake with a high reading on the Richter scale. Over the years, military and political power has depended on economic power. Britain was the workshop of the world before she ruled the waves. And it was UK’s relative economic decline that preceded it's collapse of power. Similarly story with previous powers such as France and Spain...
The entire world has been dominated by US since the mid forties, and in some ways since the late 19th century. Fore 200 years, Americans have enjoyed world domination by democratic, constitutional countries. First Great Britain and then USA. These countries have been in the forefront of civil liberties, democratic processes, and constitutional rights. All this will eventually begin to gradually change.
Oh No... Please say it ain't so!