READ MORE: Economists foretell of U.S. decline, China's ascension | Reuters: "The United States will need to come to terms with the fact that its prevalence in the world is fated to come to an end, Jorgenson said. This will be difficult for many Americans to swallow and the United States should brace for social unrest amid blame over who was responsible for squandering global primacy, he said.
MIT's Simon Johnson put it more bluntly, saying the damage from the financial crisis and its aftermath have dealt U.S. prominence a permanent blow.
'The age of American predominance is over,' he told a panel. 'The (Chinese) Yuan will be the world's reserve currency within two decades.'"
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