china ascendant - Comment - Israel News | Haaretz Daily Newspaper
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    • Pistofius
    • 05.03.13 | 02:56 (IST)

    China is growing at around 8% annually or about four time the U.S. rate. By my fuzzy math those rates extrapolated mean China's GDP (now almost half the U.S.') equals the U.S.' in about ten years. China now holds around $1.2 trillion in U.S. bonds, which, if dumped, could destroy the U.S. economy in seconds, which is to say, China already has veto power over any U.S. actions short of war. It gets worse. The reason the U.S. can build a fighter for $60 million and buy petrol cheap is because the U.S. dollar is the world's reserve currency. China is doing everything it can to change that. It's almost inevitable the yuan/renminbi will become reserve currency since the bankers and Washington have destroyed the dollar. It will be a different America, and Israel will no longer be able to count on the $6 billion annual dollars it currently gets in gifts and loans from the U.S. Ming is not only on the doorstep, it has its claws inside.

    from the article: U.S. may scrap F35, set to be Israel's fighter jet of the future
    First published 02:32 24.05.11 | Last updated 02:32 24.05.11
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