No. In ancient Greece prophets whose words did not come to pass had their tongues cut out. Fortunately for me, Greece is many millennia behind and far away. But my prophecy still stands. And here is why.
Yes, China has been racking up America’s bank account but for the following reasons, in no particular order, not much will come of it.
In contrast America is getting back on her feet. She is well on her way to dominating the energy market; technologically she is way ahead of everyone else. China spends a fortune stealing technology and by the time they have made something they can sell, the USA has a product even better to take its place. Finally, the west has a tradition of resilience, innovation and that stiff upper lip. Dependence on the government as a way life has always been lived in much of Asia. Change is hard for a society but changing one’s mind about the patterns of life is a great challenge. I believe China will do well in the long run but not because they have our money.