Chinese domination

If I read the economic news once every ten years, I would have learned this:

1960: USA had a missile gap, so we built a military-industrial complex.
1970: Nixon bragged that we built the world's largest shopping center.
1980: USSR was the economic equal of the USA.
1990: Japan was the economic equal of the USA.
2000: EU was the economic equal of the USA.
2010: China is the economic equal of the USA.

The business news is covered with stories about how China has passed us up in various ways, how we have been completely dependent on China for raw materials, manufactured goods, and money, and how even American schools are teaching Chinese so that our kids will be able to speak to our new overlords. Even my kids are going to be outdone those reared by Chinese Tiger Moms.

I am going to wait another ten years before leaping to any conclusions.