China - the main competitor of the United States. America must adapt.

Americans have become accustomed to dominating China
Usually during their trips abroad by the president of the Federal Reserve St. Louis James Bullard speaks of America's economic growth, unemployment, and how these factors affect the Fed's monetary policy in general. This time he raised these issues during his visit to Hong Kong at the Asian Investment Conference Credit Suisse, where he said that the world has changed dramatically in recent years. Bullard spoke about the future, where the dominant force are China and India, and America must unite with Europe and Japan in order to balance the balance of power - "Definitely the mood in the United States will change, the United States must come to terms with the loss of a leadership role in these conditions."
China is the largest economy in the world after the United States, and its growth rate is much higher. Already in the near future (and according to experts it will happen between 2016 and 2028 years), China will become the largest economy in the world. At the same per capita GDP will approach the US figures, which with a population of 4 times the US a major impact on the balance of power in the world.
In this case, "the United States against China will play the same role as the once Great Britain in relation to the US," said Mr. Bullard. "Some experts say that up to this point there 50-75 years, but probably not more than 20-25 years or so." According to the IMF, the Chinese economy at the moment is 2 times less than American - 8.9 trillion against $ 16.7 trillion (2013) in the United States. The growth of China economy is much more stronger than the US - about 7.5% this year, against a very optimistic 3% in the US. But there is also a billionth of India, and it is growing rapidly.
As a result, should form a triumvirate - China, India, and the union of the United States, Europe, and Japan, with a total population of one milliard- says Bullard.
"We have repeatedly said that the United States - a superpower, an economic superpower, but just above the country's giants, can not be underestimated. How will the world economic and political point of view? It's really hard to understand. As far as the Western bloc is ready to find a compromise within the alliance to oppose China and India? "
"The United States are so used to be much stronger than his opponents (as well as in terms of population and size of economy), which may influence policy in all its aspects - whether it's economics, politics, or even direct intervention in the affairs of the country until the military component. This led to the emergence of several generations of people who have grown up with this idea and today can not even imagine that the United States will enter into alliances to preserve their former dominance "

On the other hand, and Asia is experiencing problems. For example, potential bubbles of different sectors of the economy - especially the property in Hong Kong (which is, of course, can affect economic growth in China) or the folding of quantitative easing in the US.
As Bullard thinks on this issue? "Collapsing QE indicates good prospects for the US economy, and as long as markets reacted to it without much ado, despite fears by many experts. I think that we are on the right track. But from my own experience I can say that we can not count on anything in the long run, perhaps a few months'
Eugene Zandman, CEO, IC "Eurotrust"