While the distraction of Harry Reid's racism dominates media attention, oil prices jumped above $83 a barrel Monday in Asia because of a strong Chinese demand for crude and an always weakening U.S. dollar. China said Sunday that oil imports rose 14 percent last year to a record high in December, part of a 56 percent surge in overall imports last month. And it's only going to get worse.
After a century of dominating the automobile market, China has replaced the U.S. as the world’s largest auto market after its 2009 vehicle sales jumped 46 percent. More cars equals more gas and China has the money and power to control it. China has also overtaken Germany as the world's biggest exporter after December exports rose 17.7 percent.
What is all this telling you? China is already the new superpower. While our government continues to spend us recklessly into a third world status. Folks I hate to say it, but it may be time to make sure your passports are up to date and your children or grandchildren are learning Chinese.
Note: You may consider moving what little devalued dollars you have left. Chinese banks have cemented their position as the most highly valued financial institutions, taking four of the top five slots in a ranking of banks’ share prices as a multiple of their book values.