Wednesday, February 20, 2008

Future Human Government (8) - Economic Power

Daniel says that the fourth beast was terrifying and frightening and very powerful (Dan 7:7). The military and economic power of the United States is now unmatched in the world.

The economic power of the United States is amazing. With the collapse of the Japanese economy, the United States became the dominant global economic power. It has been the largest economy in the world since 1900 and now accounts for nearly half of the world’s economic production. The United States economy is now as large as the next three, Japan, Germany and Britain, put together. California’s economy alone has become the fifth largest in the world, ahead of France and just behind the UK. Most international trade is denominated in the US dollar and most nations use it as their reserve currency. The dominance of the United States is set to continue into the future, as it undertakes 50 percent of the research and development done in the world, more than the R&D expenditure of the next seven richest counties combined. The United States is the most popular destination for the world’s best scientists and trained foreign workers.

The population of the United States is younger and growing fast, whereas the population of Europe is ageing and declining. In 1950, Western Europe had twice the population of the United States. Projections indicate that by 2040, the United States will overtake Europe. By 2050, Europe’s population could be 360 million and falling, while the United States’ would be would be over 550 million and rising. This large home market will further strengthen the United States economy.

Some economists and prophets are warning that the American economy is collapsing. There may be a temporary lapse, but the underly power of America is stronger than ever. The American economy will remain the most powerful in the world until this democratic beast has completed its adventures.

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