7 ms·

Good luck with that: https://www.spiegel.de/international/europe/britain-in-crisis-the-uk-faces-a-steep-climb-out-of-a-deep-hole-a-6b61dc6f-e33f-46f3-bd27-74336

by js8 4y ago

Good luck with that: https://www.spiegel.de/international/europe/britain-in-crisis-the-uk-faces-a-steep-climb-out-of-a-deep-hole-a-6b61dc6f-e33f-46f3-bd27-743364dd675c https://www.spiegel.de/international/europe/britain-in-crisi...

etiennebausson 4y ago
Wow, that's a pretty depressing picture of the U.K. I know the situation over there is quite bad, but this was more extreme than what I expected.
bogle 4y ago
"the country’s representatives continue to put on a show of democracy week after week" - Der Spiegel. In so many ways (sigh).
kmlx 4y ago
lots of issues with that article, but the most obvious one are the graphs: OECD GDP data was misread and then they wrongly applied CER’s doppelgänger model. in reality UK GDP is about 6% higher than in Q2 16. i don’t know why they do this kind of sloppy reporting, but they do have form. another priceless article about Germany itself: https://www.spiegel.de/international/germany/inflation-bankruptcies-and-fears-of-decline-is-this-the-return-of-the-sick-man-of-europe-a-41d914b0-0322-46a8-9087-d118b3f0b399 https://www.spiegel.de/international/germany/inflation-bankr...
- blitzar 4y ago
  They should have zoomed out further - UK GDP (in USD) is equal to what it was in 2007 (+/- a meaningless amount).
  - kmlx 4y ago
    > (in USD) this is your issue right here. it doesn't work that way.
    - blitzar 4y ago
      Yes it does. "Wealth" is global not local, especially in an economy where you import everything.
      - kmlx 4y ago
        > an economy where you import everything. which economy are you referring to? as not even singapore imports everything. if we use USD then most of western europe is either below 2007 (france, spain, italy) or a tiny bit above 2007 (netherlands, belgium). same thing further afield, canada, australia etc. pretty incredible right? if we use USD then most of the western world has not come back from the GFC.
        blitzar 4y ago
        UK GDP in USD 2007 - 3,092bn ... 2023 - 3,131bn France GDP in USD 2007 - 2,660bn ... 2023 - 2,957bn < same thing further afield, canada, australia etc. pretty incredible right? Australia GDP in USD 2007 - 854bn ... 2023 - 1,552bn Pretty incredible?
        kmlx 4y ago
        not really incredible since you're using 2023 when 2023 is not even halfway done. use the last numbers available on the world bank site, which are from 2021. and then you'll notice something incredible. here's a helpful link: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=FR-GB-AU-NL-ES-IT-CA https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?location... i'm bowing out now, cause it seems this thread leads nowhere. good luck in your future comments!
  - tonymillion 4y ago
    Every time there is a natural disaster in the US its GDP rises. All that says is the UK is less prone to such events - extrapolating from that you will be safer, and “better off financially” in the UK, according to your own metrics

by js8 4y ago

etiennebausson 4y ago

Wow, that's a pretty depressing picture of the U.K. I know the situation over there is quite bad, but this was more extreme than what I expected.

bogle 4y ago

"the country’s representatives continue to put on a show of democracy week after week" - Der Spiegel. In so many ways (sigh).

kmlx 4y ago

lots of issues with that article, but the most obvious one are the graphs: OECD GDP data was misread and then they wrongly applied CER’s doppelgänger model. in reality UK GDP is about 6% higher than in Q2 16. i don’t know why they do this kind of sloppy reporting, but they do have form. another priceless article about Germany itself: https://www.spiegel.de/international/germany/inflation-bankruptcies-and-fears-of-decline-is-this-the-return-of-the-sick-man-of-europe-a-41d914b0-0322-46a8-9087-d118b3f0b399 https://www.spiegel.de/international/germany/inflation-bankr...

blitzar 4y ago
They should have zoomed out further - UK GDP (in USD) is equal to what it was in 2007 (+/- a meaningless amount).
- kmlx 4y ago
  > (in USD) this is your issue right here. it doesn't work that way.
  - blitzar 4y ago
    Yes it does. "Wealth" is global not local, especially in an economy where you import everything.
    - kmlx 4y ago
      > an economy where you import everything. which economy are you referring to? as not even singapore imports everything. if we use USD then most of western europe is either below 2007 (france, spain, italy) or a tiny bit above 2007 (netherlands, belgium). same thing further afield, canada, australia etc. pretty incredible right? if we use USD then most of the western world has not come back from the GFC.
      - blitzar 4y ago
        UK GDP in USD 2007 - 3,092bn ... 2023 - 3,131bn France GDP in USD 2007 - 2,660bn ... 2023 - 2,957bn < same thing further afield, canada, australia etc. pretty incredible right? Australia GDP in USD 2007 - 854bn ... 2023 - 1,552bn Pretty incredible?
        kmlx 4y ago
        not really incredible since you're using 2023 when 2023 is not even halfway done. use the last numbers available on the world bank site, which are from 2021. and then you'll notice something incredible. here's a helpful link: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=FR-GB-AU-NL-ES-IT-CA https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?location... i'm bowing out now, cause it seems this thread leads nowhere. good luck in your future comments!
- tonymillion 4y ago
  Every time there is a natural disaster in the US its GDP rises. All that says is the UK is less prone to such events - extrapolating from that you will be safer, and “better off financially” in the UK, according to your own metrics