The Age of China Nears--U.S. Economy will be Surpassed by China in 5 years

Euro Pacific Capital CEO Peter Schiff comments on an IMF forecast that China's economy will surpass the U.S. in 5 years

Awesome interview with Peter Schiff...

http://www.cnn.com/video/data/2.0/video/bestoftv/2011/04/26/exp.arena.china.economy.imf.cnn.html

G. John Ikenberry argues that...
...as China gets more powerful and the United States' position erodes, two things are likely to happen: China will try to use its growing influence to reshape the rules and institutions of the international system to better serve its interests, and other states in the system -- especially the declining hegemon -- will start to see China as a growing security threat. The result of these developments, they predict, will be tension, distrust, and conflict, the typical features of a power transition. In this view, the drama of China's rise will feature an increasingly powerful China and a declining United States locked in an epic battle over the rules and leadership of the international system. And as the world's largest country emerges not from within but outside the established post-World War II international order, it is a drama that will end with the grand ascendance of China and the onset of an Asian-centered world order.

But does this mean an Asian century? Not necessarily, the same author above argues in another article...

Indeed, what is most striking about the rise of Asia is a silence on the big questions. This is clearly the case with China, which has been quietly working with and within existing frameworks of global cooperation. Arguably, over the last seven years, it is the United States - not China - that has been most "revisionist" in its global orientation. China is more worried that the United States will abandon its commitment to the old, Western-oriented global rules and institutions than it is eager to advance a new set of Asian-generated rules and institutions.

So the idea of an "Asian century" is misleading. The notion behind this sort of grand thinking borrows from the old great power image of world politics. Great powers rise and fall. In this old fashion vision, America had its moment and now it is giving way to China.

But this misses my big argument: that the United States was not just a powerful state, it also built an international order. That order still exists - and indeed it has expanded to encompass much of the world. China - and Greater Asia - is rising in power but it is also integrating into this international order.
The order that America helped produce is unlike orders produced by earlier great powers. Compared with earlier orders, the American-led order is "easy to join and hard to overturn." Today this order is not really an American order or even a Western order. It is an international order with deep and encompassing economic and political rules and institutions that are both durable and functional.

The key point is that there is no alternative "Asian international order" that China and the rest of Asia are attempting to call forth - doing so if only the West would, as Kishore urges, gracefully make way for it. In my view, Asian countries want to join and help run the existing global system not overturn it.

Read More here...

http://www.thewashingtonnote.com/archives/2008/05/g_john_ikenberr/ 

Also an interesting broadcast from NPR...

 
What If China Were The World's No. 1 Economy?
http://www.npr.org/templates/story/story.php?storyId=129306388