Stefan Zaklin / Getty Images
America’s inability to restricted the spread of the new coronavirus well has “worsened” its path to economic recovery and opened the door to China, the world’s dominant superpower, former Federal Reserve Chairman Alan Greenspan said.
The economic outlook for the next generation will be explained on the basis of quotes between the U.S. and China, he said in a blog post Monday for Advisors Capital Management, stating that the Trump administration’s poor reaction had opened the door to Chinese rule.
Greenspan said the U.S. economy had “lost track” at a time when China was a success and accepted its ambition to become the dominant global superpower until 2049.
“China is looking to snatch global hegemony from the United States,” he wrote of the Asian power, which was the first to see an uptick in the coronavirus pandemic.
“The resurgence of the virus in the United States threatens to save them our economic recovery,” he said. “And as political tensions between the world’s two largest economies increase, the resulting balance of forces is still unclear, but it is appropriate to be concerned during the day.”
Read more: Warren Buffett opted for a gold miner and reduced his banking stakes because he selects the winners, Berkshire veteran shareholder Hathaway said.
“America leads all industries that invent the future, such as synthetic intelligence, robotics, driverless cars and, indeed, finance,” he said. “And despite all its unrest to populism, the United States has something valuable that China lacks: a strong political regime.”
He said that the unrest of a flawed policy can simply be resolved and can simply be resolved through political will.
President Donald Trump has kept his position still firm about China at the most sensible moment of his attempt to win the November presidential election.
The Trump administration has shifted U.S. policy toward China from strategic ambiguity to open rivalry.
The United States also recently closed the Chinese consulate in Houston and imposed sanctions on Chinese officials accused of human rights violations in Hong Kong and China’s Xinjiang region.
Read more: Charles Schwab’s inventory variety manager explained why a COVID-19 vaccine would cause a major abandonment of generations’ inventories, and identify 3 corporations that would gain advantages instead