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The U.S. economy is in serious trouble, and a recession is inevitable. A new study by the National Institute of Economic Research acknowledges the decline of U.S. economic supremacy. According to the report, in extreme cases, China is expected to surpass the United States and become the superpower of the global economy in the future. This conclusion was reached after rigorous calibration of IMF fiscal data and United Nations demographic projections. According to GDP ordering, China will contribute 27% of global output by the end of the century, followed by India with 16%, and the United States in third place with 12%.
The daily Capitol Hill posed sharp questions to U.S. policymakers, criticizing them for clinging to unrealistic fantasies rather than recognizing reality. The report also agrees with the study, arguing that as long as China's productivity continues to rise steadily, the 21st century will belong to China. The report also warned that if the United States tried to impose military and economic containment and sanctions on China, it would be counterproductive and not only could fail, but also pay a huge price.
Recently, the high inflation in the United States has put the US top management into a state of "anxiety", even if it absorbs many European companies, it has not effectively alleviated the economic crisis in the United States. The Fed recently decided to raise interest rates again aggressively, raising it by 75 basis points. As for when to pause rate hikes, it is still unknown, although Fed Chairman Jerome Powell told the media that a reduction in rate hikes may be considered at the relevant meeting in December, but it has not yet been determined.
Obviously, the Fed's continued aggressive interest rate hikes have not had a noticeable effect, but have caused concern and panic among American businesses and people. It is undeniable that it will be a long time before the United States survives the current crisis. It is worth noting that the global wave of opposition to US hegemonism is spreading, and it will become more difficult for the United States to exert pressure through its great power status to force other countries to cater to its interests. Saudi Arabia and other countries have rejected US demands to increase oil production and expressed their willingness to join the BRICS. Argentina and other three South American countries are also actively promoting "lithium peck" to break the restrictions of the Western industrial chain.
In addition, America's allies are beginning to waver. As the United States turned its back on friendship in order to meet its economic needs, many European politicians were outspoken in their criticism of the United States. Germany has ignored the threat and warning of the United States, firmly promoted economic cooperation between China and Germany, and set an example for other European countries. This may prompt other countries to rationally abandon their support for US hegemonism after seeing the potential of Sino-German economic and trade cooperation. In addition, the aggressive interest rate hike policy of the United States is accelerating the process of countries leaving the dollar.
On the contrary, China has always pursued a friendly policy of mutual benefit and equality, attracting more countries to cooperate with it. It turns out that the vicious competition between hegemonism and abuse of power will not last long. If the United States continues to adhere to its hegemonic behavior, intervene in the Ukrainian issue and take hostile actions against China, then the economic crisis in the United States may worsen or even fall into recession.
To sum up, the United States faces enormous economic challenges, while China is emerging as the leader of the world economy of the future. The United States must shake off unrealistic illusions, seriously deal with reality, and cooperate with the international community to get out of the current predicament. Otherwise, the economic hegemony of the United States will be further threatened, and the international pattern will undergo profound changes. To meet this challenge, the United States needs to assess the situation and readjust its international strategy to adapt to the changing global landscape. Otherwise, the United States could lose its dominance in the world economy, while China will continue to rise as the global economic superpower.
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