Bitcoin Forum

For the first time since 1870s.

All hail China!

http://www.forbes.com/sites/timworstall/2014/12/07/chinas-now-the-world-number-one-economy-and-it-doesnt-matter-a-darn/

Congrats!

This is not true

no surprise at all. chinese economy has more room for growth.

WEll this sure was not a surprise for me ahahahaha

So what?

No surprised anymore, now the product of china have spread all over the world.
they work hard and play hard.

Another person living in denial?
Read the link.

IT's no surprise
Most people already know that it would happen
And with amazing economic, they always growth every time.

Their product already spread worldwide
Even iPhone is created in china by foxconn

And, what will USA do now ?

The question is, for how long time? :P

I just think this is something puntual, nothing more...


haha this is it! :) and this cant be stopped!!

Yes, Chinese is developing quickly as the radical economic reforms are implementing in 1980s due to its abundant resource and openness to the technology. USA is sinking into debt black hole that will be never able to be paid back.

Lol, Chinese average household income is x10 smaller than that of US.  Ten times.  Excelsior!  :D

I'm not surprised though. The Chinese economy is very aggresive in the past years. Seeing that they surpassed US in terms of economic development is not surprising at all.

Congrats China. You're truly a giant.

Congratulations on being brainwashed working drones for peanuts Chinese!

On a serious note, my respect goes to young students fighting the goverment. Keep protesting for rights.

Being scared of disruptive technology = this technology objectively exploding in price in the future = not being on board now = missing the train later and crying about it.

it could happen, I see the development of Chinese economy is very advanced at a rapid pace, many electronic products sold by closely resembles china electronics products produced by the countries of America and Europe, of course, the price is not as expensive as the sale by America, the quality was maintained and remain competitive with other flagship products, so that I can conclude that now dominate the market economy's china ...  ::)

Lol, I've ridden this train for years, selling on the way up during the last bubble because sane trading strategy.  Continue chanting marketing buzz phrases & sippin' kool aid :D

https://i.imgur.com/p2sNgkh.jpg

You are right. But at the present time, the development of China's economy is slowing down.

if usa number 2,and number one?

The writing has been on the wall for some time now. And on the labels of your clothing, your phone, the computer you are using, everything really.

I guess you read only the subject and didn't even read the OP.

This isn't exactly right. The data comes from here:

http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/weorept.aspx?pr.x=84&pr.y=9&sy=2012&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=512%2C668%2C914%2C672%2C612%2C946%2C614%2C137%2C311%2C962%2C213%2C674%2C911%2C676%2C193%2C548%2C122%2C556%2C912%2C678%2C313%2C181%2C419%2C867%2C513%2C682%2C316%2C684%2C913%2C273%2C124%2C868%2C339%2C921%2C638%2C948%2C514%2C943%2C218%2C686%2C963%2C688%2C616%2C518%2C223%2C728%2C516%2C558%2C918%2C138%2C748%2C196%2C618%2C278%2C624%2C692%2C522%2C694%2C622%2C142%2C156%2C449%2C626%2C564%2C628%2C565%2C228%2C283%2C924%2C853%2C233%2C288%2C632%2C293%2C636%2C566%2C634%2C964%2C238%2C182%2C662%2C453%2C960%2C968%2C423%2C922%2C935%2C714%2C128%2C862%2C611%2C135%2C321%2C716%2C243%2C456%2C248%2C722%2C469%2C942%2C253%2C718%2C642%2C724%2C643%2C576%2C939%2C936%2C644%2C961%2C819%2C813%2C172%2C199%2C132%2C733%2C646%2C184%2C648%2C524%2C915%2C361%2C134%2C362%2C652%2C364%2C174%2C732%2C328%2C366%2C258%2C734%2C656%2C144%2C654%2C146%2C336%2C463%2C263%2C528%2C268%2C923%2C532%2C738%2C944%2C578%2C176%2C537%2C534%2C742%2C536%2C866%2C429%2C369%2C433%2C744%2C178%2C186%2C436%2C925%2C136%2C869%2C343%2C746%2C158%2C926%2C439%2C466%2C916%2C112%2C664%2C111%2C826%2C298%2C542%2C927%2C967%2C846%2C443%2C299%2C917%2C582%2C544%2C474%2C941%2C754%2C446%2C698%2C666&s=PPPGDP&grp=0&a= (http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/weorept.aspx?pr.x=84&pr.y=9&sy=2012&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=512%2C668%2C914%2C672%2C612%2C946%2C614%2C137%2C311%2C962%2C213%2C674%2C911%2C676%2C193%2C548%2C122%2C556%2C912%2C678%2C313%2C181%2C419%2C867%2C513%2C682%2C316%2C684%2C913%2C273%2C124%2C868%2C339%2C921%2C638%2C948%2C514%2C943%2C218%2C686%2C963%2C688%2C616%2C518%2C223%2C728%2C516%2C558%2C918%2C138%2C748%2C196%2C618%2C278%2C624%2C692%2C522%2C694%2C622%2C142%2C156%2C449%2C626%2C564%2C628%2C565%2C228%2C283%2C924%2C853%2C233%2C288%2C632%2C293%2C636%2C566%2C634%2C964%2C238%2C182%2C662%2C453%2C960%2C968%2C423%2C922%2C935%2C714%2C128%2C862%2C611%2C135%2C321%2C716%2C243%2C456%2C248%2C722%2C469%2C942%2C253%2C718%2C642%2C724%2C643%2C576%2C939%2C936%2C644%2C961%2C819%2C813%2C172%2C199%2C132%2C733%2C646%2C184%2C648%2C524%2C915%2C361%2C134%2C362%2C652%2C364%2C174%2C732%2C328%2C366%2C258%2C734%2C656%2C144%2C654%2C146%2C336%2C463%2C263%2C528%2C268%2C923%2C532%2C738%2C944%2C578%2C176%2C537%2C534%2C742%2C536%2C866%2C429%2C369%2C433%2C744%2C178%2C186%2C436%2C925%2C136%2C869%2C343%2C746%2C158%2C926%2C439%2C466%2C916%2C112%2C664%2C111%2C826%2C298%2C542%2C927%2C967%2C846%2C443%2C299%2C917%2C582%2C544%2C474%2C941%2C754%2C446%2C698%2C666&s=PPPGDP&grp=0&a=)

China leads when you compare "Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP". If you compare gross domestic product in a standard way, the European Union is leading, with the US right behind, and China a distant third.

In general, it doesn't surprise me. China  is dominating the US economy from years..

China is a far larger country, what took them so long.  Mao Tse-tung I think knows that one.
Problem is China holds so many ties to USA, its more like joint 2nd.   With all their treasury debt they are more invested then many who actually live here so Im thinking its more of a three legged race then anything else

As an american who left and never really went back it's not surprising. America reminds me of the philippines except people know how to stand in line and it's not quite as dirty.

What I like most is that now that america isn't #1 it's "oh it's not so bad, they're just numbers anyway -- right??"

There are many criteria to be the biggest economy.

China is the seller, States is the market.They can not be without each other.At least for the coming decade.

China is not only seller.. China is  strategic partner and here is power of manipulations

Not quite true.

The IMF is using purchasing power parity (http://www.imf.org/external/pubs/ft/fandd/basics/ppp.htm) to calculate China's GDP, attributing over 20% growth over the last two years alone, in a depressed global market at that!
In terms of nominal GDP (http://data.worldbank.org/indicator/NY.GDP.MKTP.CD), the United States is still $7.6 trillion ahead of the Chinese (as of 2013).
China will eventually take over the U.S.(which will drop to third behind India) as the world's largest economy - that's a given.
But in my opinion, that's at least six to ten years away - provided China's banking system does not collapse by then (the stories I hear about the reporting practices of provincial GLCs and financial institutions there are sometimes comical).

China is a big giant with one leg

China is dependent to States and Germany&Russia

China is uncapable of producing quality stuff. No one is going to trust China to buy a car but everyone will keep trusting the Germans and so on.

That's what I wrote 6 posts above yours. And looking at the other posts, it seems nobody reads what the others have written already. This is getting bad...

China was already dominating bitcoin and it's price. It's not a surprise for us.
I think China will grow much more because all of the "money worth technology" is manifactured in China.

I guess Next step of China will be naming price of lots of things...

This whole non sense around PPP was reported over 2 months ago. Why the false excitement now?

Lots of desperate chinese here :)

Let me know when they are close to surpassing US Nominal GDP - much more accurate measure of economic power even with all its faults in comparison to localized, misreported, and grossly distorted PPP. From what I know,  their gpd growth is getting slower and slower despite their efforts, while US economy is emerging slowly out of slow growth post recession and manufacture is moving out of china. With US GDP leading chinese gdp, and absolute growth number getting closer and closer, the corner has been turned.

Much wishful thinking from the chinese :D

Well we all saw that coming
So many billions of peoples aggregate income finally passed those of a few hundred million rich westerners
That said it will still take time for them to get to our standard of living.

Did feel a sense of Deja Vu though

China is the greatest government orchestrated bubble ever.

No surprise, their economy is very good
And the product is everywhere

USA, what's gonna happen to you now ?

Well we all saw that coming
So many billions of peoples aggregate income finally passed those of a few hundred million rich westerners
That said it will still take time for them to get to our standard of living.

Did feel a sense of Deja Vu though

Time to whip out the old Rosetta Stone to get my Mandarin on  ::)

This is not news! I think that the overtaking was maybe 6/7 months ago!

Perfect situation.  The design, creativity, and original thinking is concentrated in the west and the dirty environmental and life destroying manufacturing is shipped off to China.  ;)

Seriously, this is how economies evolve.  China is where the US was in the 50's, Europe in the 70's, and Japan in the 80's.  Soon the environment will be trash and the people too rich and fat to be willing to work cheap anymore.  The super rich Chinese will then move to California and New York City.  ;D

I am not really sure. The PPP is not a good measure of the size of an economy as it gives countries with a low but increasing standard of living a bigger "reading" then what is really accurate.

By using GDP as a measurement (which is really the best way to measure the size of an economy) the US is still has a much larger economy then China

They do produce quality stuff, many computer parts come out of China.   The main thing is quality control, management and I guess development though Ive heard of new Chinese researched products I dont know they regularly make advancements or not.

China can go forward and do anything required but they do seem to go offtrack without guidance.  So do we really trust a Chinese brand name not to cut corners, thats their main problem.  China needs to partner trade to keep up their growth, so I dont see them being a powerhouse dictating terms.  They are very capable of taking over car production from USA for example but the design excellence of the germans not so much

Sounds the US is the evil empire.  How about the rescuing the world from Hitler, rebuilding Europe and Japan after wars.  The resurgence of German and Japan economic superpowers contradict the point of American capitalistic self interest.  Surely, while American capitalism and a market economy has had negative side effects, the overwhelming global societal and economic benefits are tremendous, from electricity, to the automobile, airplane, computers, telecommunications, and the internet.

Majority of credit for the advances you have listed does indeed go to US and American people - something that is an objective fact, while many try to scrounge up excuses and 'plausible alternative' chiefly motivated by nationalistic sagging pride.

'nnoooo internet was british - no the packet switch technology was developed in US by an American engineer' etc etc

US for its part have done much better than any other such power in history in terms of restraint and supporting global stability. Geopolitics is not an exercise in 'ideals' with nationalistic and ethnic ulterior motives.

Seriously, spending 1 billion + dollars just to drop warning leaflets to civillians so they can leave the firezone during a war? Lifting the entire resources of the 7th fleet to assist during the tsunami in japan? 2004 hurricane assistance to SE nations that initially rejected help out of national pride than came crying back for help because they couldn't save all the disaster affected areas?

What about the financial assistance to western europe, and to indirect effect, japan and korea (although they choose to deny it with every breath, it is indisputable that areas that were under American protection enjoyed direct and indirect benefits including political, economic, and diplomatic efforts of the United States)?

There is a reason why some of the older ww2 generations are, by ignorant modern and spoiled generation standards, seemingly ridiculously pro-American despite all its faults. Americans came through, fought for their land as if it was their own, and *gasp* left. Just left, with out taking any territory or annexing half the country as would have been the norm otherwise.


Yes, American does exert influence and power beyond its borders. That is the nature of geopolitics, and human nature demands that a stabilizing force is present in one form or another.

Remember, America was initially an isolationist nation. 'No foreign entanglement or alliances' as was said by George Washington. As strange as such ideas sound today, the fundamental idea of non-interference to the extent possible is actually one of core American ideas.

However, world is not so kind as to leave you be simply because you do so. This simple but bloody fact was deeply realized by Americans as they watched ww1 and ww2 unfold, and world became smaller and smaller due to advances in technology and transportation.

There was only one path America could realistically take. Same as any who believe in protecting their national sovereignty and integrity in a situation where enemies are running amok in front of their very door step: Kill before being killed.

That's the reality of geopolitics. Thanks to its will, resources, and ability to use them, United States became capable of exerting such power to the extent where it could enjoy the luxury, yes, luxury of not only protecting it self through blood, but also assist in establishing stability and relative peace through many places across the world, and especially those who allied themselves with United States.

Can you do any better? You, whose nation can't even get along with their island neighbors with out having a pissing contest over a bunch of rocks over south pacific and inciting childish nationalistic and racially motivated riots that burn down 'japanese' factories and shops chiefly run by fellow chinese?

Or you who have outright invaded and is currently conducting outright ethnic and cultural extermination of its natives that would make stalin and pol pot proud, all for the sake of their natural resources even though you already have an enormous territory around the most fertile regions of east asia?

What about when you invaded vietnam in 1979 and lost over 10 thousand in less than a month, then ran away with tails tucked between your legs while claiming to have 'taught vietnamese a lesson'? Butt of jokes by the vietnamese to this day by the way. In comparison, US sacrificed 60 thousand in the span of 9 YEARS, and still the vietcong and NVA never managed to take over South Vietnam while American military presence was there.

All that over the last 60 years - while United States have done less in 250 years of its own history?



Yes, United States makes mistakes. When you put an elephant in a flower patch the size of sandbox, it tends to be difficult to make a step without touching a few flowers.


But you are the size of an oversized rat and is now trying to play at being a superpower, tearing up the garden within and beyond your reach with your resource grabs beyond your borders.


What do you care about 'native americans' unless they give you excuses of bitch and take pot shots at Americans? What do you know about 'race inequality' and trying to use Ferguson for propaganda purposes that are obvious to everyone around the world? You rape and torture women and children simply to make way for construction and to the benefit of greedy government stooges, and dare not punish them out of fear, and yet you feel brave enough to be directed by your own oppressors to shifting blames to the west or any other convenient foreign 'enemies' and essentially earning your own death at the hands of others?

United States is doing its best under all circumstances considered. For a bunch of racially motivated children to think they can talk sh t about US because they are trying to buttress their sagging pride is the height of insecurity and childish behavior.

Your ulterior motive is all too transparent :D

When China starts to actually challenge the US as number one, not total GDP, but as the actual world super power, it will be interesting.
I personally don't trust America to accept becoming number 2 without putting up a fight.

He is right of course. USA is now #3. #1 is Eurozone from the date it started to exist.

I am surprised that no on is pointing out the glaringly obvious issue of this being a PPP measure, not a nominal :)

The fact that you can buy a whole grocery's worth for 5 dollars doesn't exactly measure your 'great' economic power - it does mean your currency is severely devalued :P

Not that you can float your currency to inflate your gdp - economy and gdp doesn't work that way.

So, I wonder who is living in denial hm? :D


Let us know if chinese gdp gets near 3/4 of US gdp. From last I saw their gdp growth is slowing down while US growth has no where to go but up, with US being around 17-18 trillion and chinese between 9-10 trillion.

Well that was to be expected, every power reach its peak and then collapses, it's a cycle, China is the next one. Only when technology will make this paradigm shift because it will make such "power" obsolete then our civilization will prosper for real, not making economy the first objective of our existence.

China, Africa, Pakistan, India these are the places to be opening up shop right now. The EU and US are just toxic and negative environments. Plus regulation is very laxed in the emerging economies. Think USA during the industrial revolution when literally anyone with a brain could finangle some sort of "services" company and rake in millions. That is exactly whats happening in the emerging economies. Especially Africa, India and Pakistan

Hi guys noone can change opinion that on the top are countrys witch OIL... sorry

"That total economy divided by the number of people who get to consume the output. Here the US is well ahead (north of $50,000 a year in the US, only just over $5,000 a year in China and yes, that is after adjusting for price differences) and China would need another three generations of breakneck growth to close that gap."

Which is just as well. Can anyone here really imagine a world without the US, and with countries such as China & Russia the top superpowers?

Thank god for the USA and for the fact its still # 1.

You forgot about corruption.....MASSIVE corruption.

draining money in ways which regulations can only dream of. If you experienced them first hand you would know.

Em.. USA is #1 where it counts  ;D:

https://i.imgur.com/y1J4xH1.png

The highlight of that chart for me was that North Korea is literally on the bottom of that list
But ranks in 1st for the number of Submarines  8)

US Air Power
Russia Land and Nuclear
China People
DPRK Underwater

Also Poland ranks higher than the DPRK with less of everything and a higher budget, talk about inefficiencies
Yah charts rigged mate ^^

The news was not massively reported in western countries. The world has changed for ever. China is not threatening but they will influence the World and it will not always please everyone!

I'm OK with it.

http://s12.postimg.org/7rze30fn1/RED_DETACHMENT_OF_WOMEN_0.jpg

China's rise to the top is not necessarily commendable though. Along with being the largest economy, China has also surpassed the US when it comes to income inequality with a wider gap between the rich and the poor. With over 1.3 billion people, it was always going to be a matter time before they reached the top.

I'm not surprised by the news, China's population alone enables them to have a bigger economy than ours...it's not like who has the bigger dick, it's who has the greater number of shoppers.

What I don't understand is why all the bashing and negativity to the US economy? What's wrong with the US economy? (I'm talking business here, not politics, not social issues, not national defense issues.)

US businesses brought the world computers, laptops, smart phones, why the negativity?

Yes. And US businesses invented the internet, the moon, star, the Sun and time machine. Not to mention we have super duper heroes like superman and friends.

>internet
DARPA, National Science Foundation.  Say "thank you, Americans."

>moon
Been there, brought back trinkets.  No one else has.

>Superman
Created by Americans for Americans.

http://m7k.org/forums/Smileys/express2/themoreyouknow.gif

I do not think that China is larger economy than USA. First of all think - Chinese products are plastic kids toys, something from plastic, then may be clothes - that's all. ;D

Meh, Superman (and Batman) are likely just a weak rehash of the first modern superhero, Japan's Golden Bat: http://tvtropes.org/pmwiki/pmwiki.php/Main/GoldenBat (http://tvtropes.org/pmwiki/pmwiki.php/Main/GoldenBat). :P

Never heard of Chimera?  ???  ::)  :P  ;D  8), jealous.

I think china is worthy to rival America in economic terms, it can be seen with the sale of products of china are more and more by the world community, it is because China produces products that are cheaper than the products made by American, hopefully, will be developed by china, hopefully ...  ::)

Chimera, C like Cooperate ! Who doesn't want love, peace, harmony, prosperity, sustainability, safety, memory and tranquility wrapped in ultra cultural deepness open to positive innovation from any where? ( or C like Corporate, but I don't want to disturb the anarcho capitalist there :D).

China been number one for a long time since now for them to gain numbers and go public. US #2 thehehe game on for them keeping up. UK 1 in the distant future of never :P

brought : you used the past. And they are built in china, like most stuff because they are the world producers, they are the best at producing.

I dont care f**king, I only care if China will stop claiming some parts of our territory. I just hope in the future you won't claim that Japan is part of your territory :P

China has a much larger population however their standard of living is much worse then people who live in the US, the regulatory environment is not as good (even with Obama as president), and they have a limited amount of resources.

Also as of now China does not really have a bigger economy then the US, only by a very inaccurate economic measure that is generally not used by economists

Again, confusing 'manufacture' with 'produce'. Also the world knows about 'china quality'.


There are many reasons why foreign companies are moving out of china into more fertile grounds.

Why the sarcasm, my comments were accurate. I didn't say "invented", I said "brought the world", i.e., mass produced, popularized, commercialized.

And the companies that have the intelligence to create, engineer, mass produce and market these products are American...HP, PalmPilot (US Robotics), Dell, IBM, Xerox, Apple, Microsoft...And the creator of Blackberry is Canadian (RIM), need i mention more?

They could have been built anywhere, China was just able to do it cheaper than other options. Last week I put together a bookshelf from IKEA, that doesn't mean that IKEA is all of a sudden a product created in my home.

They also do not make very high quality of products, and make products at a very low cost, which means that chinese workers cannot (and do not) earn very much which means the overall chinese economy will not have very much buying power.

This...
China has a massive growth span compared to USA, as we have all been witnessing for years now. No one didn't see this coming

Their is no surprise to this fact and the reason behind this is their economy.

US's economy is having troubles going up because it has two huge burdens : subsidies that destroy markets and a Big Government.

What subsidies are you referring to?
Most countries have social security programs as well as support for strategic industries.

The massive government subsidies like Medicaid or food stamp that keep people into poverty.

Most of the civilized world has free medicine, and you're bitching about Medicaid "keeping people in poverty"?
Which God-forsaken armpit of the world are you from?

There is not one country in the world that has free medecine.

Some countries choose to take away money from taxes then give back a portion by subsidizing health costs which drives up health costs and is an overall loss for the people since less is given back than what is taken.

The other subsidies in the US are keeping people in poverty. The black communities are the primary recipient of the subsidies and they have the most troubles to get out of poverty.

^wrong on pretty much everything.  Universal health care by country:

http://s23.postimg.org/livd6kkdn/Capture.jpg

If you feel that subsidised healthcare is keeping blacks poor, good troll, brah.  If serious, seek medical help.

There is no such thing as 'free medicine' or 'free healthcare' as the costs of both of these are paid for by the consumers/tax payers, but when it is "free" it is just socialized. In these mostly European countries the tax burden is very high and the ability to compete globally is difficult as labor laws are very union oriented

I said that pouring money on black communities have kept them poor because it entices young black women to have kids. The war on drugs is an other reason they have stayed poor.

You never have free healthcare because if the state is subsidizing it, the tax payers is paying it but increase demand and bad administration will jack up the prices so it will be a loss overall for the tax payer.

Poor pay taxes too. If you want to help them, lower the taxes.

So you say subsidized health care (Medicaid, what we're talking about) makes them negro bitches breed?  Always thought it was that wild boogie-woogie and degenerate jazz they listened to, and their filthy subhuman lust.

But you say it ain't so?

US is number 2 by GDP and GDP alone. By all other economic measures we are far better off than China. China has a much larger population with living standards much lower than here in the US.

man china is the best when comes to BTC

No.

http://s7.postimg.org/iid8ks2u3/DSC_4040.gif

and who is third?  ;D ;D

China has to be first because it sells everything we have

PPP, not Nominal GDP that most economists use for measuring economic size.

In other words, your statement is blatantly false.

I think you actually have the economic indicator wrong on this one. The US is number 2 in terms of PPP which is a measure of the size of an economy adjusted for the standard of living of the average person "in" the economy. By GDP the US is still much better then China. The same is true for most other economic indicators

By GDP and GDP per inhabitant the US is still bigger than China but they are producing less industrial goods and the US economy is sadly based on debt. If you go in debt of 2Billions to produce one more Billion you are not going in the correct direction and your collapse is near.

While the USA and EU have been in economic crisis, China's has been lending their money, to the USA and EU, they got into African regions with technology and investments. The list is longer. It does not surprise me, talking about "the long game", they're playing it very well, I wonder what happens when they ask the US, "Can we get our money back".

now many investors are going to invest in America, you see the dollar price rises.

China is strong and getting stronger, they are betting on long term when the EU and the USA are getting weaker, more in debt and mostly only thinking short term. It is easy to see who will win if you go past the propaganda.

US?  China?  Puh!
GLORIOUS NORTH KOREA, bro.  That's where the future is!

http://ic.pics.livejournal.com/lj_editor/37785718/2885220/2885220_original.jpg

This one comment was worth the time reading this thread lol

well put!

USA is number 2 since 3-4 years because the two new superpower actually are Russia and China. Russia is the number 1 owner of GOLD in our planet, and same thing for China.

Actually, I'm fairly certain that living standards are lower even based on PPP adjustments, but I could be wrong on that one. I don't think if you look at how the average Chinese person lives it will compare to how the average American lives. That can and should change over time if China relaxes economic and social controls in favor of personal and economic freedom.

Have you been following what's going on in Russia? I don't think that's accurate. It's not as if gold is the only thing of value on earth...

I am pretty sure that both Russia and China are not the number one holder of Gold in the world.

Not only that but the value of an economy is based on the goods and services that a country can produce, not how much it has in assets

Russia-China-USA are 80% of the planet

i think usa is till number1

By production USA is not even number two, its really subject to upset if it was not able to import as now.  USA is #1 in food production potential ?  factors like that make me think we dont see a total melt down whatever does happen
   Russia has problems with declining population, its not especially productive even in oil and gas it lacks innovation that USA could boast of.  Yes by pure numbers Russia has alot but so does Canada, it doesnt equate to productive capacity if the cost becomes too high and for oil exploration and extraction they use foreign workers and technology to make best use.  They are exporters of the raw product but as we see now that can be a weakness because its the middle east who have the very easiest lowest costs.   Russia needs the world, I dont think they are near to number two and by people its not the force it once was.

China has people but also in decline, again I think they do need world trade to make the best.  In gold they are top in production but sorely lacking in actual reserves still, they refuse to disclose an accurate measure.  Mostly I think this allows them to buy at a lower price, generally China is interested in acquiring not just the product but various commidity resources across the globe.   One I used to own, produces at cost 1600 an ounce but thats still cheap enough for them to buy apparently; of course at a distressed price and they can idle till true demand is shown is my guess

Ironically USA has growing population and various positives.  It also has the highest gold reserves and some production but its debt is so overwhelming (and ongoing tax burden, deficit, red tape, etc) all the positives are overshadowed till its dealt with.  

USA is #1 for its army and currency.


Russia and Gold are the ones adding the more Gold to their reserves

The US is primarily a service based economy so most of what it produces is services for others to consume. This does include the development of technology and things like IP which can easily be exported to other countries when appropriate. It has been a long time since the US has produced a large amount of goods (like the kinds of things that China tends to produce)

The USA use to be an industrial nation, they are still very good in a lot of sectors but nowhere near the best in industrial production.

USA is number 2, but the difference between the poor and the rich is much bigger in china.

The inequality is growing in the USA as the Government is growing bigger

True, but this does not matter. The world economy is no longer as dependent on industrials anymore, with the exception of rebuilding from wars, however US industrial companies are able to handle this volume of work

No, this is very much correct. If you have two countries with the same amount of economic output, when you measure each country's economy based on PPP the country with the lower standard of living is going to appear larger.

This is obviously not an accurate way to measure the size on an economy. GDP is much more accurate and respectable economists will use GPD over PPP

LOL, as a chinese, I am still poor than most of american.
it's nonsense, if it can't make their own people benefit.

The number of chinese that are richer than the average American is going up by about 10%/year so you will get there if you keep working hard.

It'd "only" take about 110 million? Americans for the chinese to be richer. That's like 1/10th of China's population

What country do you live in & [roughly] how old are you?
Telling people they'll get rich if they just "keep working hard" is clueless, sadistic, or both.

China is changing, people are getting richer, China will be the new USA in terms of being the first world nation but they will act very differently.

Bro, do you even read?  Look for the red text.
But keep cheering for China, they're certainly doing the right thing by protecting their economy from Bitcoin.  Communism IS the future! :)

http://s18.postimg.org/5jzi3o2qx/DSC_4040.gif
http://s15.postimg.org/kso3ivh8b/justice.jpg

As far as I know China own Usa for some time...debt over debt over debt...

LOL, only a few people are getting richer, most of people can't even afford the housing.
China will never be rich or strong as USA because it political.

The "rich" in china are very much a minority, even less of a minority then what the rich are in the US.

Not only that but the rich in china can almost always trace their wealth back to the government

There are more than 2.5 millions chinese that have 1,000,000$ or more in cash net of loans. It is a growing number, increasing at a pace of 5% a year. It's obviously a minority but hardly something you can neglect.


The average salary and the medium salary are growing between 5 to 10% a year for at least the  last 15 years so most chinese enjoy a higher standard of living which is not the case in the US. The bottom went from starving to having a future.

China shadow banking will destroy both US and china back to the stone age  :)

The gini coefficients of both China and US are pretty high.
http://upload.wikimedia.org/wikipedia/commons/thumb/0/0c/2014_Gini_Index_World_Map%2C_income_inequality_distribution_by_country_per_World_Bank.svg/800px-2014_Gini_Index_World_Map%2C_income_inequality_distribution_by_country_per_World_Bank.svg.png

That still does not address the fact that much/most of the wealth of the rich can be traced back to the government.

One other thing that I did not mention is that China has very tight capital controls so it is hard to move money out of the country once you have it (although bitcoin could solve this  ;D )

The government is very present everywhere including in the Economy and they control the capital but they are going slowly in the correct direction in the sense that they talk about less control and restriction.

Their efforts were initially directed on making sure that the massive population finds productive employment. Once this is taken care of, they may consider lessening restrictions.

No, the chinese government is actually very strict about what information flows within the country. They are very much against freedom of speech.

They have a plan and it is working. They became the biggest and better producer and now the Yuan will increase in value and the chinese will enjoy even increasing standard of living.

lol, guess you haven't spent much time in china recently.  The Yuan is being issued into oblivion quicker than the dollar or the euro.  Inflation is massive.  There is zero chance of getting more rice for your Yuan next year than this year. 

However you might be right about the standard of living, I don't know..  the territory is too large for such generalizatoins more likely. 

There has been buying pressure on the Yuan for decades because they are a net exporter. The chinese government has intervened via keeping the price of the Yuan generally fixed which helps keep the prices of chinese exported goods competitive internationally. 

If the price of the Yuan was able to trade freely then chinese goods would be much more expensive and the chinese economy would not be what it is today

That will be golden age for Europe  :D

They deliberately kept the Yuan low but now they are ready to let it appreciate against other currencies.

Why would they want to do that? A weaker currency is beneficial because their exports will be less expensive to their trading partners and imports will be more expensive, giving local industry an advantage domestically

You will export more and produce more; it is what they wanted but having a weak currency is not good.

In what way is a weak currency bad? As long as a country is not importing so many goods that a weak currency causes runaway inflation from higher priced imports, a weak currency is going to be beneficial to the economy

A weak currency means you are paying your importations higher and will cause inflation, your standard of living will go down and if you export more products but you are paid in a currency with less value, you don't get more value for the goods you import

In the end China almost relies on the US for their money. If the US wouldn't pay China would loose lots of money. If the US decides not to buy stuff from China a lot of money would be lost for China.

Only logical. China's economy has endless potential with the factory and manufacturing industry.

China is developing and has much ground to make up from the past losses to trade.  USA is more in decline because of its overburden to government, it must consolidate and resolve conflicts in its economy between what works and does not.  I expect that is why China would 'beat' USA in GDP growth.
Some admire the command economy idea and that China may advance because politics has the power to force it but I think most natural growth likely to succeed would be unforced and supported by people without duress

China is succeeding because they are mostly doing what is right economically.

there 3 Keys why Chine is number 1  :o

First, vision and long-term development planning solid through a five-year plan of sustainable development. Second,apply basic knowledge development strategy. Third,the existence of a strong and effective bureaucracy led by China Communist Parties rulling

and support by their people are diligent and industrious, thrifty, innovative and high discipline  ;D
i see many product are written "Made in Chine"  :-[

The US economy is still growing and over longer periods of time it is growing at a faster rate then China. Additionally the Chinese government is more burdened by government intervention (by far) then the us is; many companies are state owned, there are horrible capital controls and a huge amount of corruption

http://www.scoop.co.nz/stories/HL1412/S00164/china-challenges-us-economic-war-against-russia.htm

All things being equal, if your country has the most people then you should have the strongest economy.  Of course, all things are not equal and it's a topsy-turvy world.  Be that as it may, it shouldn't be such a surprise when countries with large populations and evolving socio-political climates demonstrate leadership and competition in global markets.

And... if you really want to fight terrorism you should hope that impoverished nations do better economically.  It's not just a statistical coincidence that poverty breeds terrorism.

Does Bitcoin have anything to do with it?

Corruption is fought, very high profile politics end up in prison which never happens in the USA.

The US economy has a slower growth rate than China every single year for at least the last 30 years : http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?page=1

Government intervention is too big and the Communist Party is fighting free speech but their actions are working for the Economy.

Bitcoin might not have anything to do with it. The point is we also have to look at emerging markets like China to increase bitcoin adoption, and not just focus on the US alone.

Two interesting takeaways from that article:

China will grow to be 18% of the world economy then some.

Maybe china become number 1
But, still too many people with income less than $1 in a day  :(

Let's hope china can change world become better & better

2009 : Live less than $1.25 a day : 11.8% (157 million) : less than 10%

In India it was one third of the country below 1 dollar not that long ago, it has improved but I think it remains far higher then China.   In theory India is a faster growing economy as it has the working population increasing still where as China is now in decline in their raw labour capacity. Of course China will still expand from development and industry increasingly refining its output and becoming efficient but eventually set on its path now China will meet Japan in a similar decline of retired vs working productive capacity

Much of China's gains in the size of economy size is the result in their residents living in a higher standard of living. Most people in China still live in a very low standard of living when compared to the West so they probably do have some room to grow

Even the poor got richer in China.

Is that true in the countryside where they farm rice or whatever, because it seems like they have to leave home and everything they know to take a shot on living in a distant city and maybe even in a factory just to start themselves off on any capitalist type improvement.      India can also be extremely diverse and separated in success from rich to the poorest, they still have sects in India where the people farm rats to eat as food and are considered unemployable.
  Its very sad to see people cut off from the world like that and I'd hoped more then any personal idea of profit that bitcoin was an idea that helped link isolated communities

Interesting points but I think China succeeds because they are working hard, saving and producing when the US is producing less industrial products and going into more debt to keep the huge government going on a little longer.

If you can't beat em...join em ;)

Time to break out the ole Chinese to English Translation Guide and start practicing up on your Cantonese! :p

The US pays China by going into debt and creating more Dollars that are depreciating in value. A lot of other people can consume, the Chinese people for example; not a lot of people can produce as much as China. It is harder to produce than consume.

Production always rates over consumption.   China does not rely on USA because quite simply they could just use their own products for at least some use in their society.   Where as dollars are quite useless in the excess amounts they have been produced especially as without taxes on valid business there is not as great demand from tax payment for these dollars.   Raising taxes to balance out fiscal budgets is a failure and diverts business elsewhere, raising interest rates on the dollar debt would wipe out the budget also.   It seems quite clear USA has serious problems without China and other support like the oil trade external to USA being in dollars


Or take the shortcut and marry a mandarin speaking women to help .   Problem for China is they have unbalanced male to female ratio, their population model is in decline and active labour force

You are right, China is needing the US less and less everyday; the Yuan should appreciate and the Dollar should go down. Right now the Dollar is relatively very high, maybe higher than it will ever be in the future.

Have you guys seen The Interview?

Yes it's exciting to get to see it but the beginning is very bad, franco doesn't play it well but it's better at the end with a few funny scenes. C+

"average"

there are lots of people who can BUY the town you live.
alot. the rich chinas are no joke. its not no new york rich

we're talking about the mass people here.
mass people will not buy german car.
man these people in bitcoin talk did they even go to highschool? jeez..

There are lots of people in the town I live (NYC) who can buy your rich friends & have them stuffed as a pair of Foo Dogs.

They should have substituted Katy Perry for Justin Bieber to convey more gayness.  ;D

When Franco is spending time with the dictator, it's quite funny but the beginning of the movie is so horrible that I can't even give them a B+

Not yet, looking forward to it this weekend but I prefer to watch a sci fi movie rather than that. Im pretty sure i will be dissapointed and it will be a pretty meh movie.

You are right, don't expect a great movie because you will be disappointed.

This is old hat as this has been coming for such a long time that the news has been long factored in
China is top but will never dominate like the US did, interesting times

If they have the first economy, if they are the first producer and have a army that is becoming huge and many allies; they will rule the world. They will rule it very differently than the US and there will have other powers but they will ruling the world and you can see they are slowly establishing their power to Africa, Asia and Europe.

As soon as the scourge of Bitcoin is dealt with, world domination!

http://s24.postimg.org/rkvgox44l/DSC_4040.gif

I don't think China will start conflicts and try to divide everyone, they will slowly grow and influence the world starting by Asia and Africa then Europe.

Im not suprised at all. The Chinese have some big investors in the bitcoin world too. So t. hat's a good thing for us, and China is actually encouraging its citizens to buy with bitcoins.

Remeber kids, second place is the first loser.  We must come back and destroy.

This is very true.  China has been doing nothing but growing while the U.S had a major reccession adn is falling.  China has been growing in to a secondary economy and virtually all of our products come from china.  Major U.S companies have been relocating out of the country for cheaper taxes.  A lot more money has been flowing in for china while U.S has been on the decline or just flattening out.

There's nearly 4 times as many people living there.... that's part of the reason. Plus their products aren't marked up 300% like they are in the US.

Also, would you rather live in the US or China. China is overcrowded and polluted AF. USA is simply better to live regardless of the economy (for now at least). However it looks like china is really starting to grow and I think they will eventually outgrow the US, but their population is starting to burst and just become too much soon.

From the number 1 spot there is only one way to go...down.

I wonder if India will take the top spot next?

its been only 7.4% this year. Its so much less than last year.

I read recently that India is basically going for broke i mean they are going to end up #2 by the looks of it they are booming so who knows.

That's what happens when you get greedy as businesses and send your business it over to these country's you will drain your own country for a quick profit they was warned that this would happen as well but as usual they do not listen 

>:(

Probably, the last time I heard, India is also dominating in the economic scene. If China continues this rapid economical growth, we may then be seeing it in the top spot in the years to come.

It is bro,so you are from USA?
I just ask because you lock like, hell NO.
Lock at China economy and than lock at USA.

I think we all recognize that this is China's century. America is now basically... France.  :-\

Well, if we would have been able to mass produce things at a cheap price using cheaper materials, we would have been the same. But we can't do that because we already owe China trillions.

I would rather be known for manufacturing quality stuff like Germany, than be the #1 wealthiest nation when the nation is a shithole producer of shit tier products of the lowest quality imaginable.

sad fact for USA but this is true.
i recently visited china industrial city and saw a lot factory there. their economy is really increased for last several years.
they acquired cheap materials, have a lot cheap workers and produce a lot stuff / product.
and sell it abroad with cheap prices! (because their gov weaken their national currency!)
many 3rd world countries in Asia and Africa will love it, as they not too concerned about the quality, it's all about price
Good quality product from europe / japan / US (with more expensive price compare to chinese one) will unable to compete.
that's how china become giant industrial country

I actually even posted about this somewhere recently without even finding out that it already happened.
http://weburbanist.com/wp-content/uploads/2011/02/urban-development-shanghai.jpg
This is just in 20 years. One shouldn't be surprised, especially when you look at this:

http://i.kinja-img.com/gawker-media/image/upload/s--HmqgJE0t--/hlxsftjm6lyelm1lg70k.jpg
The US will fall.

Got to start somewhere. America also started with low quality products compared to England. Despite the advice of economists of that age. With time and protectionism the quality improved. China is not much different. And they are not known to have quality products but they are in a better position to reinvest their profits. In time they will get there. And as others said the cheap products are better for some that don't need high quality.

Who cares if you are known. You don't gain anything more than a bit of jealousy or that 1 person say oh your coat is made in the US must be good quality. I'd rather have a more stable and wealthy nation than have quality products...

I want to end this discussion about low quality chinese products. Because from the economic point of view and on the bigger picture it simply does not matter. They only thing that is important is your your country economy. After couple of years when Chinese nation will claim their supremacy nobody would even remember that they use to produce cheap imitations of products at first.

Right now but it will change. USA is holding up because of its talents, wealth, the Dollar being the international currency and debt.