From Mao Money, Mao Problems:
Back in December 2011, I wrote about the insane leverage ratio at the People’s Bank of China. The post generated a lot of buzz, but no one could actually answer the question of what happens when a central bank becomes insolvent.
We might get an answer to that question quicker than we expected. At current exchange rates, it will be one of the most expensive lessons in [...]
According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now.
Put that in your calendar.
It provides a painful context for the budget wrangling taking place in Washington, D.C., right now. It raises enormous questions about what the international security system is going to look like in just a handful of [...]
By Brett Arends, MarketWatch
BOSTON (MarketWatch) — The International Monetary Fund has just dropped a bombshell, and nobody noticed.
For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.
And it’s a lot closer than you may think.
According to the latest IMF official forecasts, China’s economy will [...]