A Chinese entrepreneur has dreamed up a plan that would transform 1,500 acres of New York wetlands into “a Chinese version of Disneyland.” Officially dubbed “China City of America,” this development would be located about 100 miles northwest of New York City and would include a string of buildings devoted to the 16 main dynasties of the Middle Kingdom.

Other attractions would include an area celebrating the 56 nations of China, a sports park with demonstrations of kung fu and a section devoted to dramatizations of Chinese myths. Current designs also include a college, hundreds of residential properties, a Chinese retail center and even a casino.

A spokesman from the U.S. Citizenship and Immigration Services told Fox News that the proposal has not yet been approved but is being considered.

If approved, according to entrepreneur Sherry Li, the development would “attract 15 million visitors,” “create 3,000 jobs” and draw in an estimated $6 billion in investments. It would also bring in thousands of wealthy Chinese immigrants by giving them an opportunity to obtain U.S. visas via a federal program granting visas to those investing $500,000 or more in the project.

This provision to grant visas to thousands of Chinese nationals has many critics up in arms, saying the project is a way for China to test the waters before proposing other projects designed to increase the influence of Beijing within the United States.

A detailed report authored by David North, a fellow with the Washington-based Center for Immigration Studies, claims there is “a charge from within the Chinese community that China City is a stalking horse for the Chinese communist government in Beijing.” This report raises a valid point.

In an increasing number of cases, China appears to be attempting to purchase entire communities in one fell swoop. In addition to this proposed “China City” in New York:

A Chinese national company, China National Machinery Industry Corp, is interested in developing a 10,000 to 30,000 acre technology zone in Boise, Idaho and,

A mainland Chinese company, Sino-Michigan Properties llc, has already paid $1.9 million for 200 acres of undeveloped land in Milan, Michigan.

These examples only represent two of the more shocking cases. Over the past several years, the Chinese government and large Chinese corporations have been buying up businesses, homes, farmland, real estate and infrastructure all over America. Some, such as economic analyst Michael Snyder, have even speculated that China may be “intending to establish ‘special economic zones’ inside the United States modeled after the very successful Chinese city of Shenzhen.” Why is this happening?

According to Dr. Jerome Corsi, a plan is being pushed by the Chinese Central Bank to set up “development zones” in the United States, allowing Beijing to “establish Chinese-owned businesses and bring in its citizens to the U.S. to work.” Yu Qiao, a professor of economics at Tsighua University in Beijing, proposed such a plan in 2009, recommending that Asian investors put their money in U.S. “corporations and infrastructure projects” that are “at less risk from a currency default.”

“If the dollar collapsed, the consequences would devastate Asians’ hard-earned wealth and terminate economic globalization,” Yu writes in a Financial Times op-ed. “However, we can make the main reserve currency power more accountable by creating an instrument to help manage the global crisis. The basic idea is to turn Asian savings, China’s in particular, into real business investments rather than let them be used to support U.S. over-consumption.”

Toward the end of his article, Yu further suggest that the U.S. Federal Reserve needs to set up a special account with the U.S. government allowing sovereign debt to be swapped into industrial investment. If America cannot pay its debts with dollars, then Washington will have to pay them with infrastructure.

This is the direction America is headed. As the national debt spirals out of control, U.S. government officials will be forced to allow Chinese takeovers of U.S. corporations and key infrastructure projects. It’s just like a private individual who spends his way into debt and can no longer afford his mortgage payments. When you can no longer pay the bank, you lose your home!

These facts illustrate what King Solomon wrote in Proverbs 22:7: “the rich rules over the poor, and the borrower is servant to the lender.” A nation with a reckless spending problem will soon find itself destitute, while a nation with sound fiscal discipline will find itself in a position to dominate others.

To more fully understand where America’s reckless spending problem is leading, read “The Day the Dollar Dies” by Trumpet columnist Robert Morley and The United States and Britain in Prophecy by Herbert W. Armstrong.