John Ransom

It was just two years ago that international, big-state economists were telling us that China would surpass the United States in GDP by 2016.

Economic, financial and progressive talking heads- whose hind parts are where their head parts ought to be- were then saying that China was to become the dominant economic player in the world by 2016.

That claim rested on the strength of an IMF report projecting GDP growth for China surpassing the US in GDP by 2016, just two years from now, by the specious use of purchasing power parity. Purchasing power parity is a math fiction that allows economists to count a 450 square foot , 7 bedroom apartment in Zhucheng as the economic equivalent of a 1,100 square foot 2 bedroom apartment in Lone Tree. 

Armed with math like that progressives claimed that the IMF report showed that China was a much better economic model to follow.

Back then, liberals were hailing China’s top-down economic management and acumen; marveling at the endless supply of people and sucking up to Commies like they were the reigning champions on the worldwide smash hit The World Has Talent

“Perfect order and global governance are not realistic expectations,” George Soros told a group of sycophants at the Paris Club, in, er, Paris, France. “However, it is a sad fact that Western democracies provide less successful leadership than China.”

It’s hard to believe I know, but even the President of the United States, Barack H. “Look-at-Me” Obama, was elbowed out of the spotlight by China.

It got so bad that the liberal savior was wishing out loud that he were president of China in Beijing, as opposed to being president of the most vibrant republic the world has ever seen. 

The New York Times reported: “Obama has told people that it would be so much easier to be the president of China.”  He was rightly savaged for that incredibly stupid, misguided and ill-informed comment leaked by incredibly stupid, misguided and ill-informed White House staffers to an incredibly stupid, misguided and ill-informed newspaper. 

But something dreadful has happened to the command-and-control state since then.

Yes… economics- and liberty, which is really the same thing- have elbowed China aside and the once-soon-to-be-most-powerful country in the world is looking more like a wannabe economy to the great surprise of George Soros and Barack Obama.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

Get the best of Townhall Finance Daily delivered straight to your inbox

Follow Townhall Finance!