China's Rise Threatens to Turn US Into Britain
America will end up as an also-ran if it can't reinvigorate its economy
By Rob Quinn, Newser Staff
Posted Oct 13, 2009 4:45 AM CDT
Dollars and yuan notes are seen at a bank in Beijing, China.    (Getty Images)

(Newser) – America used its financial clout to knock the British Empire into second place last century and it's in danger of receiving the same treatment from China in the not-too-distant future, writes Zachary Karabell. China is the American government's biggest creditor, much as the US was to Britain in 1946, Karabell notes, and while the arrangement works fine for both parties now, it gives the Chinese the power to deliver a knockout blow to the US economy and the American dollar should the two nations' interests diverge.

China won't always settle for being the junior partner in the relationship, Karabell warns in the Wall Street Journal, and America needs to step up to the challenge and start matching China's dynamism if it doesn't want to end up in second place. "The US is in danger of assuming that because it has been a dominant nation on the world stage, it must continue to be so," Karabell concludes. "That is a recipe for becoming Britain."

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Showing 3 of 15 comments
Oct 14, 2009 12:20 PM CDT
Yet STILL America is incentivised by THIS QUARTER's profits. And anyone who tries to question the fake "free enterprise" system gets shouted down with howls of outrage and cries of "socialist!". It would take a sea change for your pols, billionaires and CEO's to start even THINKING of what might be good for your children, and that just ain't gonna happen. Especially not when so many Average Joe's vote against their own interests in a knee-jerk, McCarthy-like "anti-communism" idiocy (no-one's proposing communism, but you wouldn't say so from listening to the shouting classes).
Oct 13, 2009 12:37 PM CDT
Who in hell would thumb me down for my comment above? Identify yourself coward.
Oct 13, 2009 12:32 PM CDT
no way am I eating kidney pie