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Old July 26th, 2010, 05:37 PM   #21
Matthias Offodile
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The EU Has Replaced the U.S. as the World's Largest Economy

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By Kimberly Amadeo, About.com Guide

In 2007, the U.S. lost its seat to the European Union (EU) as the world's largest economy. The EU's economy produced $14.4 trillion in goods and services, while U.S. GDP came in at $13.86 trillion. Combined, the two produce over 40% of the world's economic power, which totals $65.82 trillion. (Source: CIA World Factbook, Rank Order GDP)

These figures are measured using purchasing power parity, which takes into account the standard of living of each country. This provides a more fair and relevant measure of GDP.

(...).
http://useconomy.about.com/od/grossd...st_economy.htm

Oh yes
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Old July 26th, 2010, 05:38 PM   #22
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and being the prototype of an american is something to be ashamed of? IT'S THE MOST SUCCESSFUL KNOWN COUNTRY OF ALL TIME lol. gtfo



































CHEERS TO THE GREATEST CIVILIZATION OF ALLTIME
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Old July 26th, 2010, 05:40 PM   #23
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Originally Posted by Matthias Offodile View Post
The Entire Combined Continent Of Europe Has Replaced the U.S. as the World's Largest Economy



http://useconomy.about.com/od/grossd...st_economy.htm

Oh yes
Did you know that the entire combined continent of africa has the worlds largest armed forces?

Did you know you have to combine entire continents together to compete with or compare to america? LOL

USA! USA! USA! USA!
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Old July 26th, 2010, 05:42 PM   #24
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Ah post #22. Sheer awesome wanking deliciousness.
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Originally Posted by iyer75 View Post
Next two years the economy will crumble and the stock markets will crash thanks to demon.
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Old July 26th, 2010, 05:45 PM   #25
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America is great, but it also sucks in many ways. School fee, pay for health care, guns being sold in the same store as milk, etc.

Matt, why do you compare a country to a continent? The US population is at 300, the EU is at 500, whole of Europe is over 800..
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Old July 26th, 2010, 05:49 PM   #26
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Healthcare and school is for pussies and immigrants. If americans wanted free schools and free healthcare they would have had it decades ago but the culture over here is to do it yourself and leave the government out as much as possible. Americans feel a sense of shame having the government pay for stuff they use. In europe you get unemployment benefits and nobody questions you, in America if you do it you're a loser and can't admit it in public. You have to consider culture when making blanket comparisons with the US and the ENTIRE CONTINENT OF EUROPE. It's not that america can't have those things, they simply don't want or feel they need it.













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Old July 26th, 2010, 05:55 PM   #27
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and the rest of the world needs to realize you're not a free citizen unless you're armed. period. the countries in europe have freedom because their government is allowing them to, in the US its permanent because the citizens are better armed then the government and thus command to be free. If france turned totalitarian tomorrow, who would say anything? the board of free healthcare?
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Old July 26th, 2010, 06:05 PM   #28
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Wow, you make George Bush look like a communist. I am not even gonna get involved in this one, good luck Matt!
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Old July 26th, 2010, 06:09 PM   #29
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Quote:
Originally Posted by GeeOhDee View Post
and the rest of the world needs to realize you're not a free citizen unless you're armed. period. the countries in europe have freedom because their government is allowing them to, in the US its permanent because the citizens are better armed then the government and thus command to be free. If france turned totalitarian tomorrow, who would say anything? the board of free healthcare?
US citizens are better armed than the US government?
The same government that has nuclear bombers?
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Old July 26th, 2010, 06:22 PM   #30
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Quote:
Originally Posted by GeeOhDee View Post
and the rest of the world needs to realize you're not a free citizen unless you're armed. period. the countries in europe have freedom because their government is allowing them to, in the US its permanent because the citizens are better armed then the government and thus command to be free. If france turned totalitarian tomorrow, who would say anything? the board of free healthcare?
What a bunch of nonsense crap. US military will crush any form of "resistance" in days. Yes, even in US, you have assault rifles because government allows you to keep them.
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Old July 26th, 2010, 07:07 PM   #31
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Guys stop embarrassing yourselves. This guy is clearly a troll.
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Old July 26th, 2010, 09:15 PM   #32
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What a bunch of nonsense crap. US military will crush any form of "resistance" in days. Yes, even in US, you have assault rifles because government allows you to keep them.
you have AT LEAST 290 million people in the US with weapons. the us citizenry is 100 times over the largest military in the world. If the Us military is having a hard time holding down Iraq wait till something possess them to try holding down their own people.

in fact any country wanting to invade american and succeeds now has to deal with a 290 million strong militia with state of the art fire arms. this is freedom .
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Old July 26th, 2010, 09:17 PM   #33
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US citizens are better armed than the US government?
The same government that has nuclear bombers?
think around the obvious situation buddy. You can't nuke 300 million people, let alone half of them, even with the US' arsenal, and your not going to get a citizenry in revolt to quell with a nuke, they're just going to get most pissed. You can't fight what would be a guerrilla war with nukes.
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Old July 26th, 2010, 09:46 PM   #34
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What's the support percentage of medicare among Americans over 65? Overwhelming, or are they disgusted that government has interfered with their health care?
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Old July 26th, 2010, 09:53 PM   #35
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Originally Posted by GeeOhDee View Post
think around the obvious situation buddy. You can't nuke 300 million people, let alone half of them, even with the US' arsenal, and your not going to get a citizenry in revolt to quell with a nuke, they're just going to get most pissed. You can't fight what would be a guerrilla war with nukes.
The nuke thing was an obvious exaggeration but shows how much better armed the government is than the citizenry.
They will still beat the citizens in conventional warfare. Their main problem would be the court of public world opinion. In an all out conventional warfare, guerrilla or no guerrilla they will win.
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Old July 26th, 2010, 11:53 PM   #36
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Quote:
Originally Posted by GeeOhDee View Post
you have AT LEAST 290 million people in the US with weapons. the us citizenry is 100 times over the largest military in the world. If the Us military is having a hard time holding down Iraq wait till something possess them to try holding down their own people.
There is no WAR in Iraq. We are policing the state. US military will crush ANY open war.

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in fact any country wanting to invade american and succeeds now has to deal with a 290 million strong militia with state of the art fire arms. this is freedom .

Ofcourse things like missiles, tanks, bombs, shells, gun ships..are only for show Victory will be swift, maintaining that victory on the other hand would be a really tough job in US. This is stupidity.
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Old July 27th, 2010, 03:44 AM   #37
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Originally Posted by GeeOhDee View Post









CHEERS TO THE GREATEST CIVILIZATION OF ALLTIME
Well, these two are great, show us how dangerous US is...
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Old July 27th, 2010, 06:04 AM   #38
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Quote:
Originally Posted by Matthias Offodile View Post
[B][SIZE="4"]


The EU is the biggest trading partner of China and not the USA......Western Europe´s sohistication has once again outpaced the USA.....so move aside America!
You are a funny man , comparing western europe, half of a continent, to one mere country. Does Europe have to be united to compete against one country w/ 5% of the world's population? Not something to brag about if you ask me.

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Originally Posted by Matthias Offodile View Post
Sorry, but where did I say this? Was America´s school fee too high for you to pay?...Well, I forgot you have to pay like crazy for a good education which people in most of Western Europe get for free...public schhools are way below Western European standard ...I wouldn´t send my kids to US public school where guns and knives are readily avaible and which can be bought in US supermarkets...."Mommy, we need bread and dad wants another gun!"

Long live Europe
It's so obvious you've never stepped one foot on US soil.
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Originally Posted by Matthias Offodile View Post
it is hard to face the truth!

well, your commenst only show how deep the US has truly sunk....

Well, good to know that Europe and Africa are well positioned for China´s rise.
Europe's well positioned to be displaced in world affairs thanks to its contracting population and snail-like economic growth. America's GDP in 2050 will be over $35 trillion dollars (that's huge!), second only to China's who's will be around $50 trillion and over $70 trillion PPP wise. We aren't going anywhere. We'll still be a power, though we may have to secede some of our powers to the rising BRICs and to an extent the N11, but other than that the US will still be a world superpower.

Europe's GDP in 2050 will probably be around the same size, or smaller, than the US's, and that's combined. Seperately they'd be ity-bitty compared to us. http://www2.goldmansachs.com/ideas/b...9-dreaming.pdf

Our pre-crisis growth is expected to be 2.7%, far above the highest Europe (UK @ 2.1%, not including Russia in this) and our per capita income will still be above most European nations (larger ones, not the tiny rich ones) at over $90,000.


I knew this link would come in handy someday.
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Last edited by èđđeůx; July 27th, 2010 at 06:17 AM.
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Old July 27th, 2010, 11:44 AM   #39
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Quote:
Originally Posted by èđđeůx View Post
You are a funny man , comparing western europe, half of a continent, to one mere country. Does Europe have to be united to compete against one country w/ 5% of the world's population? Not something to brag about if you ask me.



It's so obvious you've never stepped one foot on US soil.


Europe's well positioned to be displaced in world affairs thanks to its contracting population and snail-like economic growth. America's GDP in 2050 will be over $35 trillion dollars (that's huge!), second only to China's who's will be around $50 trillion and over $70 trillion PPP wise. We aren't going anywhere. We'll still be a power, though we may have to secede some of our powers to the rising BRICs and to an extent the N11, but other than that the US will still be a world superpower.

Europe's GDP in 2050 will probably be around the same size, or smaller, than the US's, and that's combined. Seperately they'd be ity-bitty compared to us. http://www2.goldmansachs.com/ideas/b...9-dreaming.pdf

Our pre-crisis growth is expected to be 2.7%, far above the highest Europe (UK @ 2.1%, not including Russia in this) and our per capita income will still be above most European nations (larger ones, not the tiny rich ones) at over $90,000.


I knew this link would come in handy someday.
I find it fascinating that there seems to be total rejection of the fact that China could follow the path of South Korea and Japan and become a rich country in the next few decades. There seems to be this unprecedented belief that China will always remain far poorer than any developed country. I've even seen projections from serious forecasters believing that even Mexico will be richer than China 40 years from now.

Your last link is already way off. He mentions that US GDP was 4 times larger than China's in 2009. In 2009, China's GDP in USD was 4.99 trillion, while US GDP was 14.2 trillion. In other words, China's GDP was 35% of US GDP, and China's GDP has increased more than 4-fold in the last decade.
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Old July 27th, 2010, 11:55 AM   #40
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Quote:
Originally Posted by Matthias Offodile View Post
You are the prototype of an American, caught in your own world of perfect American ignorance!

Anyway, China will stampede you into the ground, you won´t escape it this time....so enjoy your remaining days in the sun...but time´s up for you!
China will breakup before that ever happens. More troubles in China:

Quote:
Chinese citizens have poured their life savings into speculative real estate. This is not just misallocation, it is an inescapable capital trap.

China's citizens have few options for investing their immense savings. Chinese households are prodigious savers: China boasts a savings rate of 38%, fully ten times that of the U.S. But Chinese savers have few choices on where to invest their money: they can either leave it in a savings account which draws 2.25%, less than the inflation rate of 3.1%, or invest in real estate or domestic stocks.

The money pouring into property has created a worrisome asset bubble in housing, which rose 12.4% year-on-year in May, according to China's National Bureau of Statistics.

Chinese authorities' attempts to cool the housing market have so far yielded little result. With no other choice of where to put their savings other than domestic real estate and the volatile Chinese stock market (the Shanghai Stock Exchange Composite Index is down more than 21% this year), then there is little wonder why both the Chinese stock market and housing market have both experienced massive bubbles.

Despite the general mood of optimism fueled by rising property prices in China, history suggests that all bubbles end badly. The bubble in Chinese stocks certainly did; the Shanghai Index has fallen over 55% from its late-2007 peak.

The restrictions which effectively funnel China's vast savings into savings accounts that don't even match inflation or into speculative asset bubbles in stocks and real estate boosts the risks of serious losses for Chinese savers and investors, many of whom have relied on the savings of three generations to buy investment homes.

The key problem is that owning a few flats, purchased with cash, is perceived as equivalent to a savings account. But property is not like cash; it is illiquid, and it deteriorates to zero value if it is not well-maintained. This is especially true for highrises, which are the primary residential building type in China.

If the elevator stops working and is never repaired, what's the market value of a flat on the 12th floor?

While the quality of construction has risen over the years in China, it suffers from various shortcuts and a cultural blind spot to the need for consistent maintenance. I addressed this issue in China's Towers and U.S. McMansions: When Things Fall Apart (Literally) (April 14, 2010).

Poor construction quality keeps foreign property buyers away:

I think people in China, for obvious reasons, don't often think long term. People are more worried about things that may happen tomorrow or in the next two or three years, than they are about what may happen in 50 years. But at some stage in the future, people will start to think more about the long term.

The quickly built but cheaply made buildings in Beijing will not literally fall down, but will deteriorate. Wall paint will peel and elevators won't work. Buildings will become uncomfortable because they will not have been properly maintained. That's when people will start to realize they've paid a lot of money to buy a place in the Central Business District and they've paid management charges, but nothing works and everything looks really poor. But the developers will probably be long gone by then, so I'm not sure what people will do.

Many buildings in Beijing are built with the cheapest materials available, which tend to degrade quickly. This is a worryingly common phenomenon. There are many buildings here that appear as if they are 10 or 15 years old, but are really just five years old. That's a little bit sad.

I have a 75-year-old apartment in New York, but it's still in great condition. You don't see that here. Fast and cheaply built apartment complexes dominate the property market here and there will be future consequences for this. And it might be apartment owners who end up paying them.

The apartment owners won't have any money to do so because they make $8,000 a year and paid $200,000 for their apartment. Here is Jim Chanos in BusinessWeek:

Short-Seller Jim Chanos: Red Flag Over China:

They (China's leadership) are on this treadmill to hell because 50% to 60% of GDP is construction. And if they stop construction, you'll see GDP growth go negative quickly. That's not going to happen because in China, people are rewarded at almost every level of government for making their economic growth numbers. The easiest way to do this: put up another building. So they're really hooked on this sort of heroin of real estate development.

The perception seems to be that China will grow out of this situation. But the problem with that argument is the real estate being built is not for the masses. This is not affordable housing for the middle class. This is high-end condos in major urban areas and high-end office buildings. Just to give you an idea, right now construction costs in China are starting to hit $100 to $150 per square foot in some cities. That doesn't sound like a lot by Western standards, but it means a condominium basically presented to you with no floors, no walls, no appliances costs the average Chinese two-income couple $100,000 to $150,000 U.S. That Chinese two-income couple in their 30s probably makes combined $7,000 or $8,000 a year. You do the math. Even if they were making $10,000 to $15,000 a year, they couldn't carry a $150,000 condo. This is very similar to someone making $40,000 in the U.S. at the height of our bubble buying a $600,000 or $800,000 house. We know how that ended.

You get rough concrete walls for your $150,000--no finished walls, no plumbing except stub-outs, no wiring except the panel box, no interior walls, and concrete floors. Even in China, where labor is still quite cheap, constructing your dwelling will cost a lot of money--$50,000 is a good ballpark number but it would be easy to spend more.

So the apartment costs 25 times the household's gross income. For a U.S. household making $40,000 a year, that is the equivalent of buying a $1 million condo.

The after-market for new flats in China is near-zero. Very few investors are interested in an "old" flat when there are thousands of brand-new ones available. The net result of this strong preference for new buildings and the widespread practice of owning multiple units for investment is that there is virtually no market for residential properties that are even a few years old. Turnover in Chinese residential real estate is extremely low, on the order of 1% or less annually.

That means all residential properties in China are fundamentally illiquid; if you want to sell your three flats, there are few buyers. Should several million owners wish to sell their flats in a short time frame, the supply would completely overwhelm the feeble demand.

Dumping hundreds of billions of yuan into illiquid, mostly luxury dwellings is a catastrophic misallocation of capital in a country with an average per capita income of $3,000 per year. But that gross misallocation of capital is only part of the problem: since the vast overhang of luxury flats is illiquid and cannot be sold, these "investment properties as savings" are a black-hole capital trap: the invested capital cannot be turned back into cash.


Once the cash has been dumped into the black hole of illiquid real estate, it cannot escape; as with physical black holes in space, there is an event horizon beyond which the capital cannot be recovered. In China's real estate market, that is the moment when the buyer's funds are transferred to the developer.

This trapping of China's vast private capital in illiquid, rapidly depreciating investment properties will have far-reaching negative consequences going forward. When the time comes to transfer their "savings" back into cash, owners will find that their flats are worthless due to deterioration and/or the inability to find a buyer at any price.

All these luxury flats are speculative; many are empty and will never be inhabited. When the citizenry finally understand that the Central Government cannot stop prices from falling, or provide a deep, liquid market for re-sales, then panic will take hold, just as it does in the collapse of every bubble.

Unfortunately, investors in China will discover too late that luxury flats are not equivalent to cash in savings accounts, for the money only flows one way near a black hole: over the event horizon and into an inescapable capital trap.

Though many in China see foreign machinations at the root of every problem China faces, the real estate bubble/capital trap is entirely the result of domestic policies of the Central State. As the citizenry realize their savings have vanished down the black hole, authorities will be unable to plausibly blame foreign "hegemony."
http://www.businessinsider.com/chine...#ixzz0upJrIvn2

Quote:
Originally Posted by Matthias Offodile View Post
The EU Has Replaced the U.S. as the World's Largest Economy



http://useconomy.about.com/od/grossd...st_economy.htm

Oh yes
Nice try, but Europe isn't a country.
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Last edited by Carver02; July 27th, 2010 at 12:03 PM.
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