Just recently, a new study released by the World Bank indicated that China is now the largest economy in the world in terms of purchasing power…
A report out of the World Bank shows rapidly expanding China is poised to overtake the once invincible United States as the world’s largest economy by the end of 2014.
The International Comparison Program looks at exchange rates to reveal purchasing power of different currencies and found that yuan in China will soon pack more punch than the mighty dollar.
Meanwhile, Chinese officials bashed the report as flawed, likely for fear of losing its status as a developing nation and the pollution-spewing perks that come with it.
And a couple of years ago China passed the United States and become the leader in global trade.
As the Chinese economy continues to rise and the U.S. economy continues to decline, the shift in global power is going to become even more dramatic.
Yes, let us hope for the best for our failing economy, but you also might want to teach your kids to speak Chinese just in case.
This article is brought to you courtesy of Michael Snyder.