It’s official (finally): The US is no longer the world’s #1 economy.
It seems rather appropriate that just seven days after the US government hit a whopping $18 trillion in debt, mainstream financial media has picked up the IMF’s recent World Economic Outlook report, which puts the US economy as #2 in the world.
There’s no shortage of ostriches out there who come up with every reason in the world why this doesn’t matter.
They say, ‘oh the IMF is just reporting purchasing power parity.’ Or, ‘oh it’s the per capita GDP that it counts.’
But the obvious truth is that the US is in decline. And it’s being overtaken.
1,000 years ago when Europe was just a tribal backwater with local warlords duking it out over salt mines, Asia was the center of wealth, power and civilization.
China continued to be the largest economy in the world up through 1870.
