BBC missed this but luckily Peter Klevius is here to help - for free: From US' "exorbitant privilege"* 1944 to a stolen privilege** after the 1971 embezzlement coup d'état, which now because of China's success makes US a dangerous desperado.

* Instead of pegging all dollars to gold, US 1944 forced through that the world dollar should be pegged to the US dollar and the US dollar to gold. Moreover, the custody of the world dollar as well as over the US dollar was then handed over to a secretive undemocratic authoritarian dictatorship called the Feds, which criminal activity has been blessed by every US government since, simply because the Feds shut their mouths with fiat dollar the rest of the world had to pay for (US is therefore the only country that can prosper while having constant trade deficit).

** 1971 US criminally stopped pegging the US dollar to gold, which in effect meant that the world's biggest financial fraud ever started rolling - while poorer  people and countries had to pay the heaviest burden.

A gold (or any fixed) standard "is supposed to run by itself"* - that's why the world's monetary dictator, US Feds, has opposed it indirectly since 1944 and directly since 1971.

* Quote by Alan Greenspan. 

In the 1980's US occupied Japan produced more than 70% of the world's industrial robots (Sweden's Asea had most of the rest in cooperation with Japan), and was projected to surpass US as the world's largest economy. Japan also developed the best computers (incl. laptops) and an OS far better than Microsoft's. However, US used all its stolen hegemony means and its power as the occupier, to take Japan down in the 1990s. Today we have a ten times bigger unoccupied (except for Taiwan) meritocratic and with controlled capitalism integrated China whose talent pool and due technological superiority inevitably challenges US stolen dollar hegemony! This is why US now is the worst threat to a free and more evenly prospering world. Sadly, today Japan is a useful idiot "ally" in US (in vain) destructive and dangerous efforts to do the same with China as it did with Japan in the 1990s - together with EU. However, EU will soon realize it's a milk cow, not an ally for US. US panicked when EU and Russia increased cooperation - so US blow up the Nord Stream gas pipes and inflamed the war in Ukraine by threatening to place US nukes on Russia's borders.

Ignorant media people rant about "China never surpassing US", which is blatantly true if you use nominla GDP as a measure. China could theoretically under certain circumstances attain parity but never exceed US "nominal dollar GDP"* simply because the US dollar is its own peg!

 

The world's oldest paper money comes from China and is some 1,400 years old.

 

So why is this economic idiot (or worse?) at Oxford?! If he is an idiot he is of course
excused but his caricature of China seems more in line with $-thieve (since 1971) US
anti-China smear campaign than contributing to peace and prosperity.

Asked whether China's "cooling economy" can still overtake the U.S. in the coming years, University of Oxford China Centre economist George Magnus told Newsweek that since 2020, the gap between the U.S. and Chinese GDPs has widened from about $5 trillion to $10 trillion in nominal terms. "This as U.S. nominal GDP has grown at a compound rate of about 6.75 percent and China's at 6 percent. If this keeps going, China will never catch up the U.S.," he said.

"There's now a rising chance, I'd say, that the great crossover will not happen at all," Magnus said. Data from top financial institutions like the World Bank show the gap between the two largest economies widened further last year. China's economy was just two-thirds the size of its geopolitical rival, down from 70 percent in 2022 and 76 percent in 2021.

Peter Klevius: What absolute load of nonsense! China, the world's by far biggest manufacturer and technological innovator, with the world's largest market and talent pool is way agead of US - and accelerating! Magnus is totally missing the most basic, i.e. that nominal dollar GDP is now pegged to US Feds' stolen (1971) fiat dollar, i.e. no country can per definition surpass the peg, i.e. US, as long as trust in the dollar prevails, even without any US production whatsoever - because of US criminal deed when it divided (i.e. stole) the agreed* world currency in one fpr US and a separate for the rest of the world, while both are controlled by the secretive and undemocratic Feds! First the Feds pushed up the interest rate so to "plane" the shock wave inside US in a way that severely hurt the rest of the world. Already the original 1944 Bretton Woods agreement - not with the world but with US "allies" in a descending order - gave US an "exorbitant privilege" - instead of pegged to gold directly the world dollar was pegged to the US dollar which in turn was supposed to be pegged to gold - which US further abused through embezzlement so to be able to pay for its wars and arms/space race with Russia. And when France asked to exchange its dollars for gold as promised, the Feds ordered Nixon 1971 to tell the world that US won't pay its debt, and on the contrary would continue on the lucrative but deeply criminal path. 

* Over the heads of the rest of the world. And although UK was given the m,ost favorable position outside US, now the US per capita is some $86,000 while UK is $51,000. 

Comparison US vs China

Here's a similar economic idiot (or worse?).

Is Diana Choyleva, at Enodo, London, the worst financial analyst 2012-2021?

 For long she's got it 100% wrong about China. Tossing a coin would only be 50% wrong, right!

Comparison US vs UK

GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

  U.K. gdp per capita for 2022 was $46,125, a 1.59% decline from 2021.

    U.K. gdp per capita for 2021 was $46,870, a 16.54% increase from 2020.

    U.K. gdp per capita for 2020 was $40,217, a 5.73% decline from 2019.

    U.K. gdp per capita for 2019 was $42,663, a 1.25% decline from 2018.

  

    U.S. gdp per capita for 2022 was $76,330, a 8.7% increase from 2021.

    U.S. gdp per capita for 2021 was $70,219, a 10.53% increase from 2020.

    U.S. gdp per capita for 2020 was $63,529, a 2.44% decline from 2019.

    U.S. gdp per capita for 2019 was $65,120, a 3.66% increase from 2018.

The religious tendency of US politics is the real danger

US Senate passed an important package of bills to provide military aid to Ukraine and Israel, which also included military aid to the island of Taiwan and a "divestment-or-ban" measure on TikTok.

During the process of passing these bills regarding geopolitical issues, it is worrisome that some US legislators have reemphasized God as a core Anglo-Saxon value, giving the bills a veneer of religious duty in order to win support.

When the Israel aid bill was being debated on the House floor, US House Speaker Mike Johnson disturbingly called for support with religious fervor, declaring, "We understand that that's our role. It's also our biblical admonition. This is something that's an article of faith for us. It also happens to be great foreign policy." He also told Newsmax last week that, "For those of us who are believers, It's a Biblical admonition to stand with Israel."

In a recent article, the New York Times said Johnson was shocked by the war stories he heard in meetings with Ukrainian President Volodymyr Zelensky and others, "all of it tugged at Mr Johnson's sense of Christian faith."

The religiosity of US politics and foreign policy is not a new issue, but at a time when the US is stepping up its forceful aid to Ukraine and Israel, and using legal programs to push China as its main rival or potential enemy, such statements fuel people's concerns about the dangers of a clash of civilizations in US global strategy.

Instead of achieving Washington's stated goal of maintaining a peaceful order, the use of religious beliefs to rally support will trigger a wider ethnic and faith-based divide, including within the US.

The framing of the Israel-Palestine conflict as a sacred mission by some US politicians has been a dangerous simplification of the Middle East issue, which is a complex mix of nationalism, territorial disputes, historical disputes and international law.

This simplification is not only intellectually lazy, irrational and short of the basic qualities required in today's world politics, but also diplomatically reckless and hegemonic. It reduces the richness and diversity of human civilization to a black-and-white narrative, which is bound to further destabilize the pluralistic international community under globalization and trigger a sharper clash of civilizations with the West.

The "clash of civilizations" theory, which gained popularity in the 1990s, suggests that the main sources of global conflict will be culture and religion. While this view is attractive because of its simplicity, it is also highly misleading. By transforming the complex, diverse structure of global society into a single, essentially antagonistic entity, it essentially calls for preparations for conflict that could ultimately make the prophecy a reality.

The push to pass the bills by emphasizing "common God" reflects a disturbing trend in American politics, that politicians lack a truly inspiring vision and have to cling to Anglo-Saxon white supremacist religious views to rally people.

This approach has also deepened the rift between groups of young Americans who are no longer as absolutely devoted to their religious beliefs as their parents were. One of the main reasons for the student demonstrations and protests that are currently taking place in the US is their opposition to the moral violations in American foreign policy.

From the demonstrations, we saw that the younger generation in the US is more inclined toward multiculturalism and supports equality and tolerance among different cultures, religions and races. This is a departure from the traditional values that place more emphasis on Western culture and Christian dominance.

This is, of course, why American politicians are raising the banner of God to gain support. They see change and realize what such change means, which makes it necessary for them to be more insistent in embedding a strong sense of civilizational superiority in national policy bills.

This trend reveals a deeper, more central and long-standing problem in US foreign policy: Washington's latent, hard-to-remove discrimination and even hatred of civilizations that are perceived as "other."

When US leaders use the flag of God to gain support for their foreign policy, they are bound to be biased, create more tension, force more countries to take sides and make it difficult for this pluralistic world to live in harmony. Politicians in Washington will eventually find that they will also lead the US into the trap of a self-fulfilling prophecy of a clash of civilizations with no end in sight.