Mark Twain once picked up a daily newspaper and read his own obituary. He was heard to quip:
“The reports of my demise have been greatly exaggerated.”
For the last 45 years we have heard the obituary of the United States as the world’s number one economic power.
In the early 1970’s the Hudson Institute predicted that the Soviet Union would overtake the United States to become the number one economy in the world. As we all know the old Soviet Union imploded.
In the 1980’s many experts were sure that Japan would overtake the United States to become the number one economic power in the world. Sadly Japan never achieved these predictions. In fact it went into decades of economic stagnation with its national debt soaring.
Just a year or so ago, experts all over the world, including the FT of London, were predicting that China would overtake the United States to become the world’s largest economy. The current economic disarray in China makes it clear that this latest prediction of the economic demise of the United States will not come true.
Only the excellent team of Stratfor gets it right predicting that the US will remain as the dominant world economy for many years to come.