Bartholomew Gallacher
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- Joined
- Sep 26, 2018
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I was not talking about the financial sector and corporations; I was specifically talking about the US dollar being the leading global currency, which is a huge difference: as long as there is demand for the US$, oil trade is being made with this currency and many other things, so in short as long government bonds and other stuff is getting bought, it's unlikely that the USA would suffer a financial collapse. What the USA have been doing since decades by now is to export their debt.The point on which I disagree with you are few. Mainly: Banks and Corporations are their own entity, and while their influence may be based on the U.S. dollar, their agendas are their own. Our federal reserve is more of an 'independent central bank' than an actual agency of our government. (probably not a bad thing).
It's one thing strongly going in favor for the USA, one thing contributing for the influence/importance of the nation on the global scale, and that's it.
As you've mentioned correctly, it has though nothing do to with how good or bad the Americans are doing in their own country. This is a completely different kind of area on how to spread the wealth, or not. Trump clearly favors tax cuts for his billionaire friends and corporations, because he things that trickle down is a thing.
For house hold debt, the stats are by no means now so bad for the USA, that's it if you do trust the OECD, the scale is in percentage of the monthly household income:
If talking about GDP (PPP) the USA are currently on place 11 (IMF/World Bank) or 13 (CIA), which is a good value considering that it is not easy for such a big country to reach those values, when on place 9 for example is Switzerland with only 8,3 million inhabitants.
If talking about nominal GDP per capita, the USA are on place 7 (IMF/World Bank) or 9 (UNO).
But we should all be aware of the fact, that the average of something is a really bad thing to declare something. For example, when looking at the average house hold income of 10 people, let's say all have 1.000 US$, then everybody has 1.000 U$. But let's say 9 have 1.000 US$, and one had 991.000 US$, so this means ((9x1000)+991000)) / 10 = 100.000 US$, hooray, what a glorious figure!
So to make more relevant testimonies, often the median should be used instead of the average of something.
Definition: The median is the value separating the higher half from the lower half of a data sample (a population or a probability distribution). For a data set, it may be thought of as the "middle" value.
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