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America's Terminal Decline - by Stephen Lendman
What distinguished experts long knew (timetables aside), the IMF just recognized, saying China's economy will surpass America's in 2016. If so, it will signal an end to the "Age of America," and no wonder after decades of heedless profligacy. More on that below.
The IMF's 2011 World Economic Outlook shows China overtaking America in five years based on purchasing power parity (PPP) - a criterion for an appropriate exchange rate between currencies as measured by the cost of a representative basket of goods in one country v. another.
IMF's 2016 PPP GDP estimate:
-- China - $18,975.7 trillion
-- America - $18,807.5 trillion
In current dollar terms, America retains its lead, but it's slipping noticeably.
IMF's 2016 dollar GDP estimate:
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