In a major announcement last week, China has replaced Japan as the

In a major announcement last week, China has replaced Japan as the number 2 economy in the world, with China continuing its worldwide domination!

Damien Hoffman, co-founder of Wallstcheatsheet.com, says China is diversifying away from U.S. Treasuries with euros and other currencies. They are buying more gold and opening their debt markets to international companies. Last week, McDonald’s became the first nonfinancial foreign company to launch a yuan-backed bond offering. The deal was relatively small, with the fast-food giant raising nearly $30 million to expand in China, but was symbolically huge.

He warns that unless we fundamentally fix our economic imbalances, it’ll be wise to teach our children Mandarin — one of the prime reasons famed investor Jimmy Rogers says he moved his family to Singapore more-than three years ago.

A possible fix? Building businesses on the web!

via Yahoo