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Yes this is accounted for, even if you separated them all out and counted the prices people are willing to pay for from each country, the US still comes out ont

Yes this is accounted for, even if you separated them all out and counted the prices people are willing to pay for from each country, the US still comes out ontop because of the consumer culture there. The issue with Bollywood for example not being larger than Hollywood despite more films and possibly a larger view base is the price of North American tickets vs the cinema ticket prices in India for US films - even if they are made abroad that are sold to US consumers. So in aggregate the US consumer alone is quite significant in dollar (but not in individual people) terms vs everyone else. If a country were to overtake, they would have to let go of the savings culture and almost spend like an American, which may not actually be the best thing for most countries.

shri_krishna 3y ago
> If a country were to overtake, they would have to let go of the savings culture and almost spend like an American, which may not actually be the best thing for most countries. Yes correct. And this is not a good thing even for US. Since the consumption economy in US is driven largely by debt, what will happen when there is a default (which seems very likely to happen soon considering how US banks are collapsing like dominoes)? Who is going to bail out the US economy? Sure you can bail out banks when there is a banking crisis and is localized to only the banking sector (like 2008). But what will you do when there is an economic crisis that affects everyone? That is the real issue here. US National debt is at an all time high and is not slowing down. QE is still on full swing. One day it is all going to come crashing down. With de-dollarization, the strength of the US economy shifts from being able to control international trade and also drive up its own internal debt to finance World economy (by providing much needed liquidity for international trade through its SWIFT systems) to only having to drive up its own internal debt to finance US economy (which has all the potential to lead to runaway inflation). This shift is going to happen in the coming decade or two and I hope US Citizens are aware and prepared for the fallout.
- riffraff 3y ago
  The US debt is practically always at an all time high. That's why there's the recurring scene of Democrats and Republicans fighting to raise the debt ceiling. One day the US will crash and burn, but I'm betting you a dollar it won't happen in this decade or the next.
  - shri_krishna 3y ago
    > One day the US will crash and burn, but I'm betting you a dollar it won't happen in this decade or the next. I am willing to take you up on your bet. My answer to your point is quite simple really. Consumption is going to slow down massively in USA over the next two decades because of Demographics. By current statistics itself, there is a major decline in young population in 70% of the counties in USA [1]. The median age in USA is 38.1 years. So 2 decades from now, this median age is going to shift to 50-60 because birth rates are plummeting big time. Unless US can produce more babies it is going towards an ageing society (like what Japan is experiencing right now). So when consumption falls, economy gets sluggish and that would cause downturn again. I wouldn't be surprised if the next two decades ends up worse than the Great Depression of the early 1900s considering how badly managed the current recession is. [1]: https://www.census.gov/library/stories/2022/06/fewer-younger-adults-drives-population-loss-in-some-us-cities.html https://www.census.gov/library/stories/2022/06/fewer-younger...
    - neximo64 3y ago
      The reason that wont happen is simply immigration. The US cant produce more babies, but it can import more people in a younger demographic. The death by demographic would have happened a long time a go in the US if it was not for immigration. Japan has not fared so well. Theres a reason the south of europe has massive population drain as well as the demographic issue you're describing.
    - riffraff 3y ago
      But even Japan has still not defaulted after 30+ years of stagnation and a Debt-to-GDP ratio of 230% (US is 120%), and unemployment is basically zero. For comparison, the great depression had >20% unemployment and -15% GDP Anyway, let's reconvene in 20 years :) Let me spell out my prediction for posterity: > The US will not default on its debt in this decade or the next, and the economy will not have a crash worse than the great depression (-15% GDP and unemployment above 20%)

shri_krishna 3y ago

> If a country were to overtake, they would have to let go of the savings culture and almost spend like an American, which may not actually be the best thing for most countries. Yes correct. And this is not a good thing even for US. Since the consumption economy in US is driven largely by debt, what will happen when there is a default (which seems very likely to happen soon considering how US banks are collapsing like dominoes)? Who is going to bail out the US economy? Sure you can bail out banks when there is a banking crisis and is localized to only the banking sector (like 2008). But what will you do when there is an economic crisis that affects everyone? That is the real issue here. US National debt is at an all time high and is not slowing down. QE is still on full swing. One day it is all going to come crashing down. With de-dollarization, the strength of the US economy shifts from being able to control international trade and also drive up its own internal debt to finance World economy (by providing much needed liquidity for international trade through its SWIFT systems) to only having to drive up its own internal debt to finance US economy (which has all the potential to lead to runaway inflation). This shift is going to happen in the coming decade or two and I hope US Citizens are aware and prepared for the fallout.

riffraff 3y ago
The US debt is practically always at an all time high. That's why there's the recurring scene of Democrats and Republicans fighting to raise the debt ceiling. One day the US will crash and burn, but I'm betting you a dollar it won't happen in this decade or the next.
- shri_krishna 3y ago
  > One day the US will crash and burn, but I'm betting you a dollar it won't happen in this decade or the next. I am willing to take you up on your bet. My answer to your point is quite simple really. Consumption is going to slow down massively in USA over the next two decades because of Demographics. By current statistics itself, there is a major decline in young population in 70% of the counties in USA [1]. The median age in USA is 38.1 years. So 2 decades from now, this median age is going to shift to 50-60 because birth rates are plummeting big time. Unless US can produce more babies it is going towards an ageing society (like what Japan is experiencing right now). So when consumption falls, economy gets sluggish and that would cause downturn again. I wouldn't be surprised if the next two decades ends up worse than the Great Depression of the early 1900s considering how badly managed the current recession is. [1]: https://www.census.gov/library/stories/2022/06/fewer-younger-adults-drives-population-loss-in-some-us-cities.html https://www.census.gov/library/stories/2022/06/fewer-younger...
  - neximo64 3y ago
    The reason that wont happen is simply immigration. The US cant produce more babies, but it can import more people in a younger demographic. The death by demographic would have happened a long time a go in the US if it was not for immigration. Japan has not fared so well. Theres a reason the south of europe has massive population drain as well as the demographic issue you're describing.
  - riffraff 3y ago
    But even Japan has still not defaulted after 30+ years of stagnation and a Debt-to-GDP ratio of 230% (US is 120%), and unemployment is basically zero. For comparison, the great depression had >20% unemployment and -15% GDP Anyway, let's reconvene in 20 years :) Let me spell out my prediction for posterity: > The US will not default on its debt in this decade or the next, and the economy will not have a crash worse than the great depression (-15% GDP and unemployment above 20%)