Donald Trump says 'poor' US losing economic power to China

[china]

Donald Trump says 'poor' US losing economic power to China

Tuesday 9th April, 2013
American Tycoon Donald Trump has said the United States is quickly losing its economic power to China, as it faces debt levels that 'no one ever dreamt possible'.
Trump said China will soon be the biggest economic engine in the world while the U.S. grapples with nearly 17 trillion dollars in debt.
According to Newsmax, Trump's comments are similar to statements he made last year during an appearance on Fox News' 'On the Record with Greta Van Susteren'.
In that interview, Trump said the United States is no longer a rich country, adding that 'when you're not rich, you have to go out and borrow money. We're borrowing from the Chinese and others. We're up to 16 trillion dollars in debt.'
He went on to point out that the downgrade of U.S. debt is inevitable.
According to the report, Trump also said that the official unemployment rate "isn't a real number" and that the real figure is closer to 15 percent to 16 percent.
He even mentioned that some believe the unemployment rate to be as high as 21 percent.
While 15 percent to 16 percent unemployment, a looming credit downgrade, and ballooning debt are a bleak outlook for the United States, they are hardly as alarming as the scenario laid out by another economist, the report added. (ANI)


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If US goes down what will happen to Canada ?

 

[WindWalker]

I only got as far as "Donald Trump says" at which point I lost interest.

 

[Andem]

If US goes down what will happen to Canada ?

Canada will be in the exact same position as the U.S., at least in the short term. Longer term, Canada should be able to hold out for a while and perhaps prevail due to her vast access to natural resources.

China on the other hand will face dire circumstances. It's a country without any kind of democratic rights and a very, very impoverished population. Outside of its larger "showcase cities", the People's Republic of China would revert back to the 1970s if the US were to fail. Its peasant population (the very large majority) know nothing different actually. This would also lead to some kind of revolution among its capitalist, so-called elites.

And in case anybody is in doubt, only a very small proportion of the population in the PRC even approaches Canada's level of personal wealth. A U.S. default would spell the end of that republic and its government.

 

[china]

what you are talking about Andem is just a fatamorgana .

 

[damngrumpy]

America and China are both in a lot of trouble and unfortunately for both the
only hope for success lies in the dependence on each other. America is in
serous trouble not just because of its economics its in trouble because it
bought into the concept of fear instead of the positive path of hope.
Has it occurred to anyone most of the great Americans were actually those
immigrant Americans who were not born in the lower forty eight states.
Ale Bell telephone guy was Scots and Canadian, Sikorsky of Helicopter fame
came from Russia and so on, even Marconi, came from Italy.
Now Americans curse immigrants and want to restrict them from bringing their
new ideas.
China is in trouble because it wasted its money huge sums on building cities
that no one lives in and housing is not adequate to encourage a middle class
buying increase. They could go to hell in a hand basket and if they do both will
suffer and Canada will suffer right along with them.
It is time we gave our head a shake if we think it will be business as usual.

 

[Cliffy]

It is time we gave our head a shake if we think it will be business as usual.

Ah, but how do you get ostriches to pull their heads out of the sand? The whole world economy is a bubble with very little to no substance; a bubble on the verge of busting. The world cannot sustain continued economic growth. It is a wet dream that is destroying the Earth and all its inhabitants. What we need is a stable economy, not a volatile one.

 

[EagleSmack]

Ale Bell telephone guy was Scots and Canadian,

Born in Scotland... lived in Canada for a year... and now he's Canadian? Geez

 

[CanIrish]

Wow Trump.. brilliant observation

 

[Andem]

what you are talking about Andem is just a fatamorgana .

I suppose the I must be wrong because you said it line is getting old. I don't need a reference to prove that every single authoritarian dictatorship ever to exist on the planet has crumbled. All of your references are unreadable copy+paste jobs from (IMO) untrustworthy sources.

Please correct me if I am wrong, but you are a Polish national who finally escaped a similar unfree dictatorship so your own experience should confirm the eventual fate of the PRC. Though, I am convinced you are a member of the Chinese communist party.

 

[WindWalker]

I suppose the I must be wrong because you said it line is getting old. I don't need a reference to prove that every single authoritarian dictatorship ever to exist on the planet has crumbled. All of your references are unreadable copy+paste jobs from (IMO) untrustworthy sources.

Please correct me if I am wrong, but you are a Polish national who finally escaped a similar unfree dictatorship so your own experience should confirm the eventual fate of the PRC. Though, I am convinced you are a member of the Chinese communist party.

He/she is a real ray of sunshine alright. LOL

 

[Highball]

California just sent Governor Moon beam over to Bejing to give them the title to the Golden Gate Bridge, the State capitol Building and the Governors Mansion in hope China will forget the state is three years late on the Bond Interest payments it owes to the Chinese. While he is there he n=may ask for a Same Sex marriage tio the California Assembly Speaker Perez too. The US may be in fiscal trouble but California is just ready to tip over the waterfall with Moonbeam rowing their Canoe.

 

[china]

I suppose the I must be wrong because you said it line is getting old. I don't need a reference to prove that every single authoritarian dictatorship ever to exist on the planet has crumbled. All of your references are unreadable copy+paste jobs from (IMO) untrustworthy sources.

Please correct me if I am wrong, but you are a Polish national who finally escaped a similar unfree dictatorship so your own experience should confirm the eventual fate of the PRC. Though, I am convinced you are a member of the Chinese communist party.

T

though, I am convinced you are a member of the Chinese communist party[/QUOTE
Well , I am living in Canada now so I` must have graduated to being a spy , right ....n.

Andem

And in case anybody is in doubt, only a very small proportion of the population in the PRC even approaches Canada's level of personal wealth.

In my opinion you are reading some untrustworthy sources .





Meet the average Chinese millionaire: 39, plays golf, and owns an iPad

Business Insider | 12/08/01 | Last Updated: 12/08/01 2:13 PM ET
More from Business Insider

REUTERS/Aly Song/Files63% of Chinese millionaires own an iPad. They have, on average, two private bank accounts, three cars, and 4.2 luxury watches. They spend eight days a month on business trips and go on three international trips per year.



A wealth report performed by the Huran Report and GroupM Knowledge was released yesterday analyzing China’s staggering number of millionaires and “super-rich.”
There are now 1,020,000 millionaires in China–a national record–and 63,500 “super-rich” Chinese.
To be classified as a millionaire, the report stated the individual must possess more than RMB 10-million, or US$1.6-million, while a “super-rich” individual required RMB 100-million (US$16-million) or more.

Here are the most interesting findings from the report:

• There are 1.02 millionaires across mainland China, an increase of 6.3% over the previous year. The report also estimates that for every “known” millionaire, another two exist under the radar. Beijing is home to the highest number of wealthy individuals, with 179,000 millionaires and 10,500 super-rich (worth $16 million or more).
• The average Chinese millionaire is 39 years old, and 60% of them are male. They have, on average, two private bank accounts, three cars, and 4.2 luxury watches. They spend eight days a month on business trips and go on three international trips per year.
• 50% of Chinese millionaires are business owners, 20% are professional investors, and 15% each are real estate investors and high-level senior executives.
• Golf is the most popular sport among Chinese millionaires, followed closely by swimming. Among Chinese billionaires, horseback riding is becoming increasingly popular.
• More than 85% of millionaires plan to send their children abroad for education. Schools in the US, UK, and Canada are most desirable.
• 63% of Chinese millionaires own an iPad, up 4% from last year. They are more popular than iPhones among millionaires.
• Among Chinese millionaires, the most popular collectible is watches. They own an average of 4.2 watches, while the super-rich own, on average, 5.6 watches. The second most popular collectible is Chinese traditional calligraphy and paintings.


Countries With The Most Millionaires

The Huffington Post Canada | By Daniel Tencer Posted: 06/12/2012 4:34 pm EDT | Updated: 01/30/2013 11:07 am EST

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20 Countries With The Most Millionaires,

Where are the world’s millionaires? Increasingly in Asia, and decreasingly in America. (Photo: Podknox (Flickr))



Where are the world’s millionaires? Increasingly in Asia, and decreasingly in America.
Nearly one in five people in Singapore are millionaires, according to a recent survey of millionaire density from Boston Consulting Group.
The latest edition of the survey shows the southeast Asian city-state to be the runaway winner in the race for the most millionaires per capita. The city, which has been named one of the three most competitive economies in the world, has 188,000 millionaires, counted in U.S. dollars, or about 17 per cent of its population.
The survey also reflects the rapid rise of Asian economies in recent years. The largest increases in the number of millionaires over the past year were recorded in India (21 per cent), China (16 per cent) and Singapore (14 per cent).
By comparison, the number of U.S. millionaires dropped by 129,000, to slightly more than 5 million.
In Canada, the number of millionaires is on the rise, albeit more slowly than in Asia. There were 185,000 millionaires in Canada in 2011, up 14 per cent from 162,000 two years earlier. That’s enough millionaires to rank Canada 20th in the world on the list of millionaire density.

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[Andem]

They won't be millionaires if the US goes bankrupt.

And the population of China isn't filled with millionaires regardless.

 

[china]

They won't be millionaires if the US goes bankrupt.

If you say so Andem . One who is capable of making a fortune once is capable to do it again , For a positive one , who doesn,t function on "ifs" or "buts" ....when one door closes ....a bigger door opens up ... Trust me Andem

And the population of China isn't filled with millionaires regardless.

Regardless of what ......it surely has more than Canada has even though China has opened its private economy 40 years ago or so while Canada exists since 1867 and is situated beside a wealthiest ( for many years ) nation in the world .
And that just the way it is Andem and it has nothing to do what so ever if I belong to a Communist party , Polish or Chinese or love Canada or what ever - These are facts.

 

[Andem]

Sorry china, I don't trust you. I trust history and numbers. No authoritarian regime has ever moved past a certain point.

China is a totalitarian dictatorship which cannot maintain its current status. Its neighbour, India, has a much brighter future with its democracy intact.

China's so-called success and wealth is due to its industrialization by manufacturing cheap goods for the West. They don't invent or design these goods. They produce them with slave labour. Indeed China's wealth is all virtual and based on the fiat currencies of the world of which it has no control over.

 

[china]

I trust history and numbers

hahahaha, You forgot culture and tradition Andem ....things which are known , things without a risk,,,,,,,there is a safety in all of the above ...they are past .....dead ;

You would be a bad businessman Andem.

.

China's so-called success and wealth is due to its industrialization by manufacturing cheap goods for the West

So is - was Japan,s and South Korea ,s

 

[Andem]

I didn't forget anything.

it surely has more than Canada has even though China has opened its private economy 40 years ago

The very fact that you call China's former centrally-planned economic policies as "private" means I can't debate this with you.

So is - was Japan,s and South Korea ,s

Cheap labour, but not slave labour as in China. A world of difference.

I'm not a hypocrite either. My entire kitchen, wardrobe and almost everything elsewhere in my residence is not from China.

 

[china]

The very fact that you call China's former centrally-planned economic policies as "private" means I can't debate this with you.

Obviously I am not talking about former China but today's fastest growing economy in the world ....and you know it .

I'm not a hypocrite either.a hyp My entire kitchen, wardrobe and almost everything elsewhere in my residence is not from China.

Well, I wear = Have Chinese underwear ( with an American label ) , probably have Chinese plates. I'm not a hypocrite either. I am neither a pedant .

 

[taxslave]

Uufunnyy thhing is Trump and his buddies are largely responsable for this mess in their greedy rush to export jobs.

 

[Andem]

You said

China has opened its private economy 40 years ago

The Soviet Union was also a fast growing economy when it started.

Either way, the only "real" China that I recognize with any future is that which resides on the island of Taiwan in the Republic of China.