Well, it’s finally happened.
If adjusted for purchasing power parity (PPP), China is now the world’s largest economy, making the United States number two for the first time in 142 years. If you put the currency of both countries on level footing, China’s economy is worth $17.61 trillion as compared with $17.4 trillion for the U.S.
According to Peter Schiff, in less than 10 years China will overtake the US on a purely dollar level as well. They will actually surpass us with our own currency. I agree with this prediction barring some kind of major war or other world-wide catastrophe.