Like it or not, US no longer holding world in its palm, China is – Professor Richard Wolff

[beijingwalker]

Like it or not, US no longer holding world in its palm, China is – Professor Richard Wolff
14 Jan, 2021 15:07 /

With less than a week left before the inauguration of Joe Biden, Washington is getting ready for the event with 15,000 members of the national guard in the streets of the capital, with closures and roadblocks.

After seeing what most Americans are used to seeing in other countries, the host of RT’s Boom Bust, Christy Ai, asked Professor Richard Wolff what is ahead for the dollar, markets, and the US political system.

“There’s no question in my mind that the whole world is looking at the US and it’s seeing too many signs of decline and decay,” the economist said, stressing that the process would be long.

“Whether it’s the extraordinary failures around being prepared for containing Covid, we are four percent of the population of the world, and we have 20 percent of the deaths from coronavirus. There’s no dancing around this,” Wolff said.

The expert added that the US is currently in a depression with 25 million unemployed Americans, riots in the capital, and a fracturing of the political system, which is expected to percolate into the currency’s value and investment patterns.

“There’s sense that whatever the US was as the kind of premier capitalist country, holding the world in its palm, holding it together, center of the free world… All those phrases do not apply anymore, we are not the rising power economically in the world,” he said. “That’s China, you may not like it, but it’s the reality.”

Like it or not, US no longer holding world in its palm, China is – Professor Richard Wolff to RT’s Boom Bust

With less than a week left before the inauguration of Joe Biden, Washington is getting ready for the event with 15,000 members of the national guard in the streets of the capital, with closures and roadblocks.

www.rt.com

 

[Mirzali Khan]

Maybe that could change?

Biden is gonna try to strengthen all the ties as well with the fact USA is the strongest country in the world, militarily. But, economically, I think the US will slip more.

 

[beijingwalker]

Maybe that could change?

Biden is gonna try to strengthen all the ties as well with the fact USA is the strongest country in the world, militarily. But, economically, I think the US will slip more.

If you lost economic might, you can't stay a military power for long.

 

[Mirzali Khan]

If you lost economic might, you can't stay a military power for long.

True

 

[CAPRICORN-88]

Massive debts and deficit spending are the 2 biggest problems facing USA today.
US stock markets promoted by Fed are no longer the indicator of US National Economic Prosperity.
It has no link to the real economy of USA.

It is in fact a casino for the rich and powerful all at the expenses of a shrinking US middle class.

Instead of dealing with problems, US Fed has kept the US economy afloat by pumping trillions of money printed out of thin air.
USA economy is projected to contract by 1.6 trillions.

I believe China may overtake USA nominal GDP before 2018 as projected by IMF.
China may becomes the world largest economy by 2015.

if Joe Biden works with China, USA may perhaps suffers a less painful adjustment, recession or perhaps even avert one like what happened back in 2008.
It was China that helped USA to avoid a deep recession back then in 2008.

But there must be massive cutback in excessive spending e.g. US 800 Military bases aboard, 200 Military biological laboratories oversea, a smaller defense budget, smaller military, withdrawal of all US personnel from Afghanistan, Iraq, etc.
Why should US consulate in Hong Kong have 1000 personnel?
USA must face the new reality, it is no longer the Military and Economic Superpower of the 20th Century.
Trump USA got USA into massive debt trying to contain China and running his W..... supremacy policy.
Is China really National Security to USA or it is in fact USA which is the real threat to China National Security?

 

[flameboard]

Another empire falling bc apart while having a foot in Afghanistan?

 

[tower9]

Maybe that could change?

Biden is gonna try to strengthen all the ties as well with the fact USA is the strongest country in the world, militarily. But, economically, I think the US will slip more.

Biden’s not going to do shit. The problem is systemic. Biden is entering the presidency under a shroud of illegitimacy. He will be busy fending off Trump’s supporters and rectifying his mistakes. He might even have to deal with the possibility of domestic terrorism.

The only bright spot for the US is the innovative power of Silicon Valley which is fueled by the steady stream of talent from all corners of the world. The government however is rotting, corrupt and unable to get anything meaningful done.

Massive debts and deficit spending are the 2 biggest problems facing USA today.
US stock markets promoted by Fed are no longer the indicator of US National Economic Prosperity.
It has no link to the real economy of USA.

It is in fact a casino for the rich and powerful all at the expenses of a shrinking US middle class.

Instead of dealing with problems, US Fed has kept the US economy afloat by pumping trillions of money printed out of thin air.
USA economy is projected to contract by 1.6 trillions.

I believe China may overtake USA nominal GDP before 2018 as projected by IMF.
China may becomes the world largest economy by 2015.

if Joe Biden works with China, USA may perhaps suffers a less painful adjustment, recession or perhaps even avert one like what happened back in 2008.
It was China that helped USA to avoid a deep recession back then in 2008.

But there must be massive cutback in excessive spending e.g. US 800 Military bases aboard, 200 Military biological laboratories oversea, a smaller defense budget, smaller military, withdrawal of all US personnel from Afghanistan, Iraq, etc.
Why should US consulate in Hong Kong have 1000 personnel?
USA must face the new reality, it is no longer the Military and Economic Superpower of the 20th Century.
Trump USA got USA into massive debt trying to contain China and running his W..... supremacy policy.
Is China really National Security to USA or it is in fact USA which is the real threat to China National Security?

China will have no interest helping this time unless significant concessions are provided such as backing off on Taiwan, HK and the Uighur propaganda. Also repealing all sanctions and tariffs imposed by Trump. I think China’s made up its mind to continue building up its self reliance and decoupling from the US technologically though.