China, Once Touted as America’s Successor in Waiting, Is Watching Its Currency Crash and Its Economy Crumble

There has been a great deal of chatter in recent years concerning the prospect that America could soon be eclipsed and subordinated by communist China. However, the defeatists appear to have overlooked the very real possibility that China might collapse under the weight of its ambitions before realizing them.

While there are various problems that might hamstring the communist nation and thwart its completion of Beijing’s so-called hundred-year marathon, the prospect of a doomed economy is presently the most arresting.

Apparatchiks have reiterated Chinese dictator Xi Jinping’s February call for patience, in which he purportedly said, “We cannot be ambitious and unrealistic, but we cannot simply follow the beaten path. … We should be patient [with a historical perspective] and move forward in a steadfast manner,” reported the South China Morning Post.

Although urging patience, Beijing has been racing to shore up its crashing currency amid broader economic woes, crashing banks, and failing corporate giants.

This week, Chinese state-owned banks hurriedly dumped U.S. dollars and bought up yuan in domestic and international foreign exchange markets in hopes of slowing the pace of the Chinese currency’s depreciation, reported Reuters. (Read more from “China, Once Touted as America’s Successor in Waiting, Is Watching Its Currency Crash and Its Economy Crumble” HERE)

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