It is no coincidence that America is in free fall and China is a rising star ready to retake the mantle to the world. Some could say this was predicted. This blog has posts from 2005 predicting America's inadequacies:
The fact is China and America need to build a stable relationship. failure to do that will result in the failure of the world economy. As of August 2011, China held $1.14 trillion of its $3.26 trillion in foreign reserves in U.S. treasuries. This figure represents enormous growth in China's U.S. dollar holdings over the past decade, which, in January 2001, amounted to less than $100 billion. Strategically, China and the US have common interests. The White House needs China’s assistance and influence to handle North Korea and non-proliferation issues. America also needs China’s cooperation in fighting terrorism. On the Taiwan question that remains the most sensitive issue, China reacts defensively and with some bite about the little island nation. The truth is however that This is one of many flash points.
The two countries could not be different, their economic policies are, though both capitalist, starkly different. Whereas their government is polar opposites. China is a monarchy, a communist monarchy, America is a hyper republic, hyper for the fact that all they do is argue about tiny little mundane things because no one wants to back down and let the other side gain any strength even if it is in America's best interests... The country is suffocating under democracy. No other country in the world spends a year on an electoral process and no other country has a basic term of 2 years... before you loose congress and the rest of your 2 years is actually a waste of time as you can't pass anything through.
China has exploited America's weakness, so much so that now they are like conjoined twins, if America was to suffer another heart attack China would die... If China suffered a revolution America would suffer, but as Alistair said on wednesday. If you owe the bank 1,000 pounds your in trouble. Owe the bank 10,000,000 the bank is in trouble. America now controls China's fate, and pehaps, like Rome as the republic died, like Britain as she lost her American colonies. This is the death of America old and the birth of America new we are witnessing. The next ten years will be interesting. But China and America have some maturing to do together, and anyone who has siblings knows there is going to be conflict!