Alert !! Capitalism is failing and China is about to overtake the American economy!! If you believe that, you are probably a Chinaman. Here's why

Can you believe this: I just put myself up against the World Bank . . . me a plaid shirted educated Okie against the World Bank. Those folks are telling us, "China will overtake the US economy within 19 years."

China could overtake the United States as the world’s largest economy if it maintains annual growth of eight percent over the next 20 years, the World Bank’s chief economist said, Wednesday. China, which last year overtook Japan as the number-two economy, has already set a growth target of eight percent for 2011, and is aiming for seven percent a years from 2011 to 2015. China may become the largest economy in the world by 2030, Justin Lin told an economic forum on China development in Hong Kong, saying its economic size may then be twice as large as the US, measured by purchasing power parity. Source: Pakistan Defense (a digital news outlet)

From what I can read, there are several problems with this fantasy.

First, the “world” hates the United States of America because our political system is an economic system, as well, and has provided for the production of enormous wealth. Note that I did not say “has provided for a greater accumulation of the world’s wealth . . . “ Ours is the system that they hate because their system(s) work like crap.

Secondly, in 2010, China did overtake Japan as the #2 economy of the world . . . . next stop, the United States of America. Obviously, the United States is in need of a fundamental transformation or our status in the world will be lost. As things stand today, as I write this post, Japan’s economy produces 5.5 trillion per years, China produces 5.8 trillion and the United States, just ahead of China, produces a mere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5 trillion. (Get the point?)

In the third place, China is a quasi Communist state that has stolen the implementation of capitalism to its own betterment. The difference between America’s form of capitalism and that of China’s is the difference between an individual/private sector based form of capitalism and a “statist form of capitalism,” where the individual works for the State, not so much for the individual. You think "economic inequity is bad here? Try China or Russia or Cuba or Venezuela !!

In the fourth place, as a Communist nation, its economic numbers cannot be trusted. You can read about this matter in the WSJ report; the article, The China Challenge; and the blog Economics.

A fifth problematic issue, is a soon to be decreasing Chinese work force. In 2002, the new labor force (18 year olds) was 27.9 million. That population will decrease to 15 million by 2020, if not before. Understand that a growing economy demands a growing work force. That does not make for a happy picture in China's future. Time Magazine spells out this problem in answering the question, Is China Facing a Japanese Future?

Point of post: stop already with how great the Chinese economy is and how much a failure is our capitalist based economy. The only people pushing this idiocy are those who oppose the foundational principles of this great nation.

Love it or leave is my motto. It was good 45 years ago and it is good today - mostly with the same stinking people !!