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>"Our economy is fueled by consumerism and the service industry." You do know our country has the single largest manufacturing output in the world, right? Misl
by Prrometheus 18y ago
>"Our economy is fueled by consumerism and the service industry."
You do know our country has the single largest manufacturing output in the world, right? Misleading soundbites are often repeated until they become popular wisdom.
- jfornear 18y agoSorry if I sound like a Peter Schiff robot. I've been listening to him too much lately. I've been meaning to add some more optimistic readings/podcasts to my list. China surpassed us recently, and the US losing its hegemon status is very bad for the dollar. The only thing they have left to do (and are doing) is build up their military. They do have quite a few domestic political problems though, but analysts were already confused how capitalism thrives in China anyway so there's no telling what will happen. I think these problems and what they produce are the unknown factors that will determine the new world economy. That is just my pet theory.
- Prrometheus 18y agoNope: http://www.dol.gov/asp/media/reports/chartbook/2008-01/chart5_9.htm http://www.dol.gov/asp/media/reports/chartbook/2008-01/chart...
- jfornear 18y agoI think the data in that chart is from 2006, but I looked it up and I'm sorry, I must have heard wrong. Apparently, China will surpass the US in manufacturing in 2009 despite their unemployment rate in manufacturing being much higher lately than ours. Either way, the general consensus is that the question is not if they surpass us but when. I would post links but I'm on my phone. My friend from China says not to trust Chinese numbers anyway, haha. I'm not trying to spout doom and gloom, I just find this stuff interesting. I wish I understood macro and history/politics better so I could make my own predictions that might be worth paying attention to.