Decline of The US As The Leading Economic Superpower

For over a year economists have been discussing the fact that China has emerged as the largest global consumer market.

Meanwhile the US has claimed jobs and income growth, which has been demonstrably proven false. It is not possible to have expansion of jobs and income while concurrently having mass layoffs and retail closures. It simply doesn’t work that way.

Some have pointed to the stock market numbers as indications of economic health. I’ve covered many times how the stock market is an inverse indicator of the general economy at worst or completely unrelated at best.

Now new numbers are telling more of an advancing tale of the decline of the US market. Perhaps this will be enough for more people to awaken to the truth.

In the most recent Global Fortune 500 list, the US is headquarters to 121 of the most profitable companies. China is headquarters to 129 of the most profitable companies. 20 years ago, in 1999, China was headquarters to 8.

In the global list of the largest banks, 3 are headquartered in the US. China is headquarters to 4. There are one each in Japan, the UK and France. JP Morgan Chase is the highest on the list of American banks and it comes in at number 6. The Chinese banks occupy spots numbers 1,2,3 and 5. This has remained unchanged for several years, even as US media makes claims that China’s economy is declining and US economy is growing.