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After having lived the last 4 or so years overseas in a developing country, here's why I'm not as concerned about America as alarmist pundits: 1) I'm not tryi
by dcaldwell 16y ago
After having lived the last 4 or so years overseas in a developing country, here's why I'm not as concerned about America as alarmist pundits:
1) I'm not trying to be nationalistic here, but we have one of if not THE most entrepreneurial, hard working, critical thinking work forces in the world. That is an intangible but one I believe will keep the US competitive long in the future. It generally takes generations for this to change (both in countries that lack it and in countries that have it.)
2) Economics isn't a zero sum game. Just because China or India overtakes the US as the world's leading economy doesn't mean that the US is worse off for it. Value can be added without being taken away. If China becomes the world's largest economy and at the same time, the US's per capita GDP doubles from where it is today, is the US really any worse off?
- anonymous246 16y agoThe point the article was making but didn't flesh out is that the dollar's status as a reserve currency has HUGE benefits for the US public. If that status disappears (due to the rise of other countries), the standard of living in the US will decrease.
- hga 16y agoTrue ... but as of yet, I just don't see a replacement, although 2025 it a long ways out there. Right now, the dollar is still the least worst currency.
- brazzy 16y agoValue can be added without being taken away. Oil can't.