The 20th Century was certainly “The American Century,” as the world witnessed the ascent of a mere role-player to the status of a hyperpower. The end of the American Century now seems almost real, and it will be the Chinese who ascend to replace us, according to The Detroit Free Press.

The greatest bastion of capitalism may fall by the wayside, and in its place we would have the single most (if not only) successful communist state in world history. Unfettered and unregulated trade, fiscal and monetary policies have left the United States with trillions of dollars in outstanding debt. Meanwhile, the closely monitored Chinese economy seems ready to finally make its Great Leap Forward.

The Chinese were not capable of the rapid industrialization that Chairman Mao had sought, and the end result was a human disaster the likes of which may never be seen again. Now they are primed and ready.

The U.S. on the other hand, has given away some of the greatest economic advantages of all time. Its population is huge, its land mass and resource base are immense, and at one time its citizens were the best educated in the world. Though our population continues to grow, we lack the resources to meet our insatiable desires, and we cannot compete with other nations more focused on education and research in technology. The U.S. has become an unproductive nation of debtors. China has been happy to fund our calamitous lifestyle, biding its time and building its infrastructure from the ground up.

The U.S., once a land of “free-trade” and liberalization has become a machine of corporate socialism. The nation’s two largest lenders (Fannie Mae and Freddie Mac) have been nationalized, and its largest insurer (American International Group) followed soon after. American Companies will make easy prey for Chinese investors when they are sold at pennies on the dollar. When the markets stabilize and those companies regain their profitability, we will be forced to watch as those profits - which were once our own - head across the Pacific.

The U.S. has ignored its basic infrastructure for decades while the Chinese have actively invested in China. They call their system “Chinese capitalism,” we ought to call ours “disastrous capitalism.” Every time the government tries to intervene it seems to make the problems worse. The Economic Stimulus Act of 2008 dried up within weeks as Americans were forced to use their rebate (if they got one) on then record food and fuel prices. What was left was spent on consumer goods.

America does in fact grow most of its own food, but the majority of our fuel and other goods come from overseas. The stimulus package in essence sent billions of dollars directly into foreign oil and manufacturing markets. Now the government hopes to organize another stimulus plan. This time, it hopes to ship $700 billion to Wall Street, propping up companies that acted against America’s interests.

This type of foolishness is not seen in China. China isn’t perfect, and it certainly has major obstacles and problems. But regardless of human rights abuses, threatening ideology and menacing military threat; China has proven to be a capable economic schemer. The U.S. has shown itself to be inept.

Source The Detroit Free Press:

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