When last did we read, see or hear anything in the media about US - China relations, which did not blithely proclaim the global predominance of America’s economy. Bigger than most of the world’s economies combined, we’re told?
Almost never, is the answer.
Which is why Walmsley’s article on how we ought to measure China’s GDP is so timely. Lucid, eye-opening for some, fact driven and usefully referenced. Do yourselves a favour and read it.
I think that the old adage, "let sleeping dogs lie", comes to mind. The USA is striking out at all countries across the world, and especially at China (i.e., closest 'competitor'). This GDP analysis only makes the American policy makers and leadership more upset (or angrier), and that is not a good thing when you are dealing with a rabid Rottweiler (aka. USA).
I know we all live in an information paradigm shaped by all sorts of forces, incentives and biases but from what I've seen the US information environment is a dangerous echo chamber.
excellent analysis. A good point is the railroad which is greatly underestimated in China. While the Acela has roughly 20 trains per day for the most busiest route in the US which is NYC-Boston, the most busiest route in China has about 650 trains (half in pair for both directions) for Shanghai-Beijing. The subsidy per train is $54,000 and the corresponding subsidy for Shanghai-Beijing is only $4000. Personally, I don't know what they talked about here in DC.
Probably the best explanation of GDP vs PP that I've read, absurd that in the West we add in things that are nonproductive to get a better number for governments, whereas the reality is the inverse. Likewise too how they now readjust the inflation parameters to also get a better number, we live in a delusion.
All these inflated numbers by our govt is for borrowing. It's like the No Income, No Verification real estate loans that caused the 2008 financial crisis. All people needed are an excellent credit score to get a loan. The typical fraud that Trump is great at. It's why Trump keeps attacking the fed. Our govt has been playing this game for decades to fund our endless wars.
A better indicator of an economy is the energy consumption. Power is needed for economy activities, and it's the life blood of the modern economy. Using this metric China's economy is 2.22X more than America. China consumes 9456 Twh vs our 4254 Twh.
When we graph electricity vs gdp, the US GDP is the outlier. It means the US numbers are fake. According to the graph, the true US GDP is around $11trillion not the $27 trillion our govt put out.
It is actually worst than presented. Lawyers, bank and financial fees, grotesque real estate and insurance costs, lobbyists, monopoly rents do not just not contribute to productive activity, they inhibit productive activity. They are a tax on productive activity even more debilitating than an ordinary tax, because the money skimmed goes to the wealthy, not the common good.
When last did we read, see or hear anything in the media about US - China relations, which did not blithely proclaim the global predominance of America’s economy. Bigger than most of the world’s economies combined, we’re told?
Almost never, is the answer.
Which is why Walmsley’s article on how we ought to measure China’s GDP is so timely. Lucid, eye-opening for some, fact driven and usefully referenced. Do yourselves a favour and read it.
I think that the old adage, "let sleeping dogs lie", comes to mind. The USA is striking out at all countries across the world, and especially at China (i.e., closest 'competitor'). This GDP analysis only makes the American policy makers and leadership more upset (or angrier), and that is not a good thing when you are dealing with a rabid Rottweiler (aka. USA).
I know we all live in an information paradigm shaped by all sorts of forces, incentives and biases but from what I've seen the US information environment is a dangerous echo chamber.
excellent analysis. A good point is the railroad which is greatly underestimated in China. While the Acela has roughly 20 trains per day for the most busiest route in the US which is NYC-Boston, the most busiest route in China has about 650 trains (half in pair for both directions) for Shanghai-Beijing. The subsidy per train is $54,000 and the corresponding subsidy for Shanghai-Beijing is only $4000. Personally, I don't know what they talked about here in DC.
Probably the best explanation of GDP vs PP that I've read, absurd that in the West we add in things that are nonproductive to get a better number for governments, whereas the reality is the inverse. Likewise too how they now readjust the inflation parameters to also get a better number, we live in a delusion.
All these inflated numbers by our govt is for borrowing. It's like the No Income, No Verification real estate loans that caused the 2008 financial crisis. All people needed are an excellent credit score to get a loan. The typical fraud that Trump is great at. It's why Trump keeps attacking the fed. Our govt has been playing this game for decades to fund our endless wars.
A better indicator of an economy is the energy consumption. Power is needed for economy activities, and it's the life blood of the modern economy. Using this metric China's economy is 2.22X more than America. China consumes 9456 Twh vs our 4254 Twh.
https://en.m.wikipedia.org/wiki/List_of_countries_by_electricity_production
When we graph electricity vs gdp, the US GDP is the outlier. It means the US numbers are fake. According to the graph, the true US GDP is around $11trillion not the $27 trillion our govt put out.
It is actually worst than presented. Lawyers, bank and financial fees, grotesque real estate and insurance costs, lobbyists, monopoly rents do not just not contribute to productive activity, they inhibit productive activity. They are a tax on productive activity even more debilitating than an ordinary tax, because the money skimmed goes to the wealthy, not the common good.
CIA has a "factbook" because the world full of delusions
one of them is the "USA has biggest GDP"