Another Sign That Power Is Shifting To China

Employees count yuan banknotes at a Bank of China branch in Changzhi, Shanxi province January 13, 2010. REUTERS/Stringer

The Balance of Power Shifts Toward China -- Steve McCann, The American Thinker

An unreported (in the once mainstream media) disclosure by China has taken the international financial world by shock and surprise. China declared that its foreign exchange reserves had increased to $2.4 Trillion in 2009, a gain of $453 Billion in one year. It is estimated that the reserves will rise by an equal amount in 2010.

The significance of this astounding statistic cannot be underestimated.

By comparison the total foreign exchange reserves of the European Union (27 countries) was $648 Billion in 2009. China's one year increase alone was higher than the total reserves of all but one nation, Japan ($1.074 Trillion). (United States: $84.4 Billion)

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My Comment: When one looks at history, it was always the countries that appreciated and cultivated the importance of money in their society that always ended up in ruling the world. China knows this, but it appears that countries like the U.S. and England who espoused such principles in the past have now decided to go down a different path.