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Simon Johnson: "The age of America is over; Chinese Yuan will be the world's reserve currency within 2 decades"

(Reuters) - To hear a number of prominent economists tell it, it doesn't look good for the U.S. economy, not this year, not in 10 years.

Leading thinkers in the dismal science speaking at an annual convention offered varying visions of U.S. economic decline, in the short, medium and long term. This year, the recovery may bog down as government stimulus measures dry up.

In the long run, the United States must face up to inevitably being overtaken by China as the world's largest economy. And it may have missed a chance to rein in its largest financial institutions, many of whom remain too big to fail and are getting bigger.

The United States will need to come to terms with the fact that its prevalence in the world is fated to come to an end, Jorgenson said.  This will be difficult for many Americans to swallow and the United States should brace for social unrest amid blame over who was responsible for squandering global primacy, he said.

MIT's Simon Johnson put it more bluntly, saying the damage from the financial crisis and its aftermath have dealt U.S. prominence a permanent blow.

  • "The age of American predominance is over," he told a panel. "The (Chinese) Yuan will be the world's reserve currency within two decades."

Johnson said he believes the United States has failed to learn its lesson from the financial crisis and continues to implicitly back its largest financial institutions.

  • "I'm concerned about the excessive power of the largest global banks," he said.  "Who are the government-sponsored enterprises now?  It's the six biggest bank holding companies."


Continue reading at Reuters...


Simon Johnson with Bill Moyers...

Bill Moyers with Simon Johnson - The 13 Bankers Who Control Washington

More detail on this clip is here...


This is excellent...



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Reader Comments (8)


Economists foretell of U.S. decline, China's ascension
Jan 12, 2011 at 7:51 PM | Registered CommenterDailyBail
Analysis: China's support for euro a necessity, not a virtue

Jan 13, 2011 at 1:45 AM | Registered CommenterDailyBail

Sarah Palin accuses critics of "blood libel"
Jan 13, 2011 at 1:46 AM | Registered CommenterDailyBail
« Rothschild Bank AND Goldman Sachs Are Both On The LIST Of Bondholders Getting U.S. Taxpayer Billions In Irish Bailout »

Jan 13, 2011 at 4:15 AM | Registered CommenterDailyBail
WROOOOONG! we as a species are now seeing the END — the FINAL failure of global monetary /market economic system. anyone who reads beyond the headline of this crock of shit is seriously misinformed.

Then again... Jim Johnson is an economist and we should all know that economists are nothing more than money propagandists.
Jan 13, 2011 at 7:30 AM | Unregistered Commentereric bochene
The filthy dual-Israeli citizens are driving this country into the ground. They control the media and the govt.Their final push for power came on 9/11, when they pulled off the false-flag hoax. Traitors... EVERY LAST ONE OF THEM.

Jan 13, 2011 at 9:09 AM | Unregistered CommenterKing David
when the people rise up and overthrow the tyrannical oligarchy of this socio-communistic fascist regime by non-violent means but with the force to be violent, with proper leadership and numbers to overwhelm any military or police forces of resistance the officials will no doubt try to invoke if such an uprising occurred. Only with the intent of taking the country back and putting it in the rightful hands of those to whom it belongs and for the benefit thereof, and from those who have hijacked it for personal gain at home and around the world, which, whom obviously must face trial and be punished accordingly.
It must be by peaceful means, with the intent of a peaceful resolution, and for peace and prosperity to eventually be found over-abundantly in this land, as was always the intent and purpose for this country, regardless of how it has acted since its inception.
violence will lead to massive bloodshed and civil war from the greed of a minority of men in positions of high power who care not about the people who would die, in their last dying gasp and final grasp to maintain their status quo and positions of control, as wealthy, racketeering, puppeteer slave-masters.
so brother will kill brother in senseless acts of stupidity from a brainwashed delusional false patriotic mindset instilled in them to protect the 'homeland' from the 'civilian' uprising, all the while not giving a thought on the oath the military and police took to protect and uphold the constitution from enemies foreign and domestic, falsely believing the 'civilians' are the enemy and not those in power from whom they are given and do take orders from, resultant from a basic lack of critical thinking and individualism which is highly frowned upon and where conformity and collectivism are the core doctrines.
the military has been built to take orders.
the problem not only lies within this, but even more so with the people who issue those orders.
the problem of the current state of america is that while the problem was being built, it wasn't yet a realized, perceived or even potential problem, so the people did nothing as their wealth, lives and potential was degraded, compromised and enslaved over time.

All that is necessary for evil to triumph is for good men to do nothing...
and now the those few men that exist are just mere candles in the overwhelming darkness giving 'light' to those who would 'see' from it, if they so chose...
and to send that light unto others who would see, if they could, and eventually, inevitably, hopefully... LIGHT UP the darkness...


voting doesnt work anymore(if it ever did, once upon a time in a vacuum...voting is a tenant of democracy, which is MOB RULE, which is why this country WAS a republic and texas is no longer), its an illusion fed by your delusion that your vote counts, the numbers arent manipulated, and both parties have separate policies and something to offer(however lacking of principles), fueling your cognitive dissonance and inducing comatose like complacence so you can get up and go do your slave labor in the morning.

when in fact both parties policies are the same in practice (casting aside diarrhea of the mouth syndrome these people spew), people cannot count anymore, much less ballots, which are being computerized(which means NO ONE counts them), they all steal your labor calling it taxes, and you let them...

you cant fix a problem, much less a state or country, by putting an frickin X in a box, thats called noting REALIZATION.

at this rate your better off not voting and someday getting illegitimate elections, but the problem is the system is built to cater or rather, control - the majority, leaving the minority without power enough to contest anything, as usual.

Jan 13, 2011 at 1:05 PM | Unregistered Commenterthinkaboutit

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