The headline is a quote from within an interesting Reuters, Jan. 9, 2011 item, stating in part:
Economists foretell of U.S. decline, China's ascension
(Reuters) - To hear a number of prominent economists tell it, it doesn't look good for the U.S. economy, not this year, not in 10 years.
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.
Most estimates put the size of the Chinese economy on par with the United States by the early 2020s, said Dale Jorgenson, also of Harvard.
Jorgenson sees Asian emerging markets as the most dynamic in the world, eclipsing other emerging market contenders such as Brazil and Russia with steady growth over the next decade.
"The rise of developing Asia is going to accompany slower world economic growth," he said.
The United States will need to come to terms with the fact that its prevalence in the world is fated to come to an end, Jorgenson said. This will be difficult for many Americans to swallow and the United States should brace for social unrest amid blame over who was responsible for squandering global primacy, he said.
MIT's Simon Johnson put it more bluntly, saying the damage from the financial crisis and its aftermath have dealt U.S. prominence a permanent blow.
"The age of American predominance is over," he told a panel. "The (Chinese) Yuan will be the world's reserve currency within two decades."
Johnson said he believes the United States has failed to learn its lesson from the financial crisis and continues to implicitly back its largest financial institutions.
"I'm concerned about the excessive power of the largest global banks," he said. "Who are the government-sponsored enterprises now? It's the six biggest bank holding companies."
There are caveats and counter-opinions in the item, so read the entire thing. But the government is controlled by the banks, big corporations, and they control and bid via the lobbyists, many of whom are former elected officials - cashing in for what they delivered while in office.
Dayton in leaving aptly called DC "a cesspool" and I wonder if any readers honestly see any end in sight - in terms of mismanagement and the few commanding and holding up the many.
It's highway robbery. And the wealthy elite owns the highway, telling everyone else to stand and deliver.
So, Republicans and Dems alike, wave those tiny US of A flags, made in China. True patriotism costs more - much more - than putting on a show via paying the price of a Chinese-made flag and lapel pin. It means calling out the economic movers and shakers; and beyond that, fairly taxing the lot of them all instead of allowing them, as now, to skate. To run the show without paying for the privilege is their agenda - and one the rest of us are under and must overcome.
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image from this link
You don't recognize the commerce trade marks of the banks on the bandits and horse rumps in the cartoon? Well, it's an Australian item, and it's their banks - but that's Yogi Berra's "Deja vu all over again" at play. It is true for any nations four largest banking enterprises; and that's one of the big scares in globalization. Besides shipping all the nation's manufacturing jobs to China, all the global banks are in cahoots.