Burama, We are all ready to move to China then right? Please do not get excited over this, it is really apples and oranges in economics. Reason I say this is because the idea that China has surpassed the U.S is only based on PPP. PPP and China does not mix since the Chinese government and not the market are in total control of the Yuan, making internation trade imbalance a lot worse. This imbalance was recently felt by the double talon makers in Dakar where their chinese competitors got ahead of them and have become the major suppliers of double talons because of what the Chinese authorities are doing with the Yuan. For the things that matter for the average human, America remains numero uno, so please do not lose sleep over this PPP metric. It can be very deceiving if you do not put things into perspective. Thanks, Matarr |
Finally arrived - US no longer the largest economy in the world. China now is - output $17.6 trillion to US $17.4. Not of much but still ahead. Output/GDP has been a long standing measure without regards to other variables such as in relation to population. Yesterday a TV pundit was trying hard to down play China surpassing US saying 325million people : 1 billion. I hate changing the goal post in the middle of the game. If we add that variable - is possible US may not be better than Gambia and/or at least many other nations. That's simply the ration: output : # of people. Good spin though and may have a point. Just saying don't add it because you now fall behind. In addition US has a
national debt over $18 trillion with an interest bill over $400 billion. Bad mismanagement and politics producing nothing other than making sure one is elected. Please read founding fathers positions on debt - simply astonishing were we are. Burama On Tuesday, December 2, 2014, Burama Jammeh <[log in to unmask]> wrote: U.S. debt over $18T now.
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