Charles Payne had a good read on this a few weeks ago, and I really like his FBN opeds on these matters.
His take is that it is envitable, every world economic power in history has ebbed and flowed Egytians, Greeks, Romans, Spanish, Dutch, English.......(in near order). He thinks in the modern time a 100 years is about the life cycle of a reference currency, and we are near or at the end of our run. Behmoth economies often topple under their largess and mismanagment. And we are a sterling example of that right now.
My thoughts? I think we will see it in my short lifetime left. But there are some infrastuctual issues that remain before a BRICS like currency first undercuts us, then replaces as the reference currency. What I think will be the biggest hold up in this process is the fact that the Chicoms are new in the capitalist world, and still have some growing pains making the transition from Mao Tse Tung communism to bustling working system. There are still a large section of the population that doesn't know how to pee without some form of governmental or direction. Also add the fact that the Chicoms share the same shitty old-heavy demographic profiles as Japan that are hurting their productivity. That is why you are seeing such investment, intervention, and almost eco-proxy in Africa and South America. These 3rd world nations are going to be the industrial engine supporting their growth.
Secondly, and
@sneakypete correctly mentioned it a few days ago..... The Chinese are not an innovative country. Pretty much all their portfolio has been borrowed, bought, and stolen via reverse engineering and IP theft. With this level of chicanery, I have a feeling that even their most loyal of BRICS partners are going to have a lot of trust issues.
Without getting to wordy, I am now leaning that this conversion while inevitable, likely at least won't happen this year, unless some drastic geo-political event triggers it.
Can we be saved? here is my fix-it plan. If they let me run this place, I'd give this country some tough medicine, starting with:
* Zero based budgetting acorss the board, and in fact would force every Department to reduce 10% every year for the next decade looking for waste.
* Super-Task Force created by POTUS and congress/states to look for and eliminate governmental regulatory redundancies
* An incremental 5% per year conversion of the $USD from Fiat to Gold Standard. With whatever the promulgation date of the law is as reference Gold price. A float conversion wlll be made annually to stabilize currency.
* Raise the SS retirement age to 70 until, solvency of the system has been resolved.
* Gut the entitlement state to just those who deserve. A decent wage for a decent job
* Gut federal off-shore aid except in times of emergency
* Stop the endless line of proxy wars we've seen in the past 30.... Pronto.
I know a lot of this might not be popular, but this would help us survive.
