The Next Superpower in the World (686)

What could we learn from Australia about running our economy? Very interested to hear!!

Boom and bust cycles are not necessarily tied to finance and property sectors. Boom/Bust cycles are just short run deviations from long run trends in an economy. Many things can exacerbate these short run fluctuations. In Ireland's case it was a property bubble.
Ireland has a massive trade surplus. I'm not sure of the figures but we imported 40-50 bilion last year while exporting 80-90 billion.
What is the big difference between exporting to China, South Korea and Japan than exporting to the United States. Yes they are strong economies. But the United States is bigger than all three put together. Still doesn't make a difference though.
What's this deficit of 20billion?? Not sure what you mean by that!

I think you will also find that financial services are usually under the umbrella of the services sector and the service sector in the United States accounts for 60-70% of the economy!

One of the most popular dinner party conversation topics is the possibility that the United States will be joined or even surpassed as a superpower by another nation, such as China. a vast land area, and over four times the population of the US, so it should catch up easily, right
A genuine superpower does not merely have military and political influence, but also must be at the top of the economic, scientific, and cultural pyramids. Thus, the Soviet Union was only a partial superpower, To match the US by 2030, China would have to :

1) Have an economy near the size of the US economy. If the US grows by 3.5% a year for the next 25 years, it will be $30 trillion in 2006 dollars by then. Note that this is a modest assumption for the US, given the accelerating nature of economic growth, but also note that world GDP only grows about 4% a year, and this might at most be 5% a year by 2030. China, with an economy of $2.2 trillion in nominal (not PPP) terms, would have to grow at 12% a year for the next 25 years straight to achieve the same size, which is already faster than its current 9-10% rate, if even that can be sustained for so long (no country, let alone a large one, has grown at more than 8% over such a long period). In other words, the progress that the US economy would make from 1945 to 2030 (85 years) would have to be achieved by China in just the 25 years from 2005 to 2030. Even then, this is just the total GDP, not per capita GDP, which would still be merely a fourth of America's.
Have major universities that are household names, that many of the worlds top students aspire to attend. 17 of the world's top 20 universities are in the US. Until top students in Europe, India, and even the US are filling out an application for a Chinese university alongside those of Harvard, Stanford, MIT, or Cambridge, China is not going to match the US in the knowledge economy. This also represents the obstacles China has to overcome to successfully conduct impactful scientific research.

5) Attract the best and brightest to immigrate into China, where they can expect to live a good life in Chinese society. The US effectively receives a subsidy of $100 to $200 billion a year, as people educated at the expense of another nation immigrate here and promptly participate in the workforce.

and the Ouster of that Official might hamper Reforms in China as well.

The globalist one-world empire will try to be a super-power.
But it won't last long.

In my opinion a superpower didn't mean the only one superpower.

China is a superpower now, so the next superpower could be one of the other options. India grows slowly, Brazil has a high economic growth but it will not be a superpower, Britain probably is (depending on what you think is a superpower) and others are not, let alone Iran or Korea, especially if you are referring to North Korea (which has nuclear weapons but nothing else).