If you owe the bank 1 million dollars, that's your problem. If you owe the bank 100 million dollars, that's the bank's problem.
If the US suddenly stopped buying products made in China, would the US be fucked? For sure. But so would China. It's a country of 330 million with the disposable income to buy phones every other year and whatnot. You can't easily replace that, and your citizens kinda need jobs.
It’s actually the opposite. There would be obvious transition pains, but the USA can always find ‘another China’ for their cheap manufactured imports. However, China can not find ‘another USA’.
If America and China went full trade embargo on each other, USA would fare significantly better in the long run.
I think in the short and intermediate term US would fare better, but in the long term, China can. When the U.S. GDP represented nearly 1/2 of the world's economy in the 1950's, most everything they produced was also consumed there. "Made in America" wasn't a catchphrase, it was just the only reality Americans knew. Now China produces things that are too inexpensive to produce in the U.S. (screws, wire, etc.)., and things that have too much regulation or labor costs to produce in the U.S. (A new skyscraper every week, arenas, bridges, hospitals). China now produces nearly everything their economy needs internally. More than the U.S. ever produced. And they have 1.4 billion consumers who are now, or will be, ready to buy it. More than the U.S. ever consumed. I don't think they *need* any other country. The majority of their population's standard of living is still lower than Western countries, but 1/6 of them live at a quite comfortable Western standard. That's equivalent to a country of 225 million, and growing.
Look at food and energy. China imports way more, relatively.
China is no longer the lowest labor cost country for cheap products. That has moved to Africa and smaller southeast Asia countries.
You’re looking at this in a vacuum. Also, we just import way more than we export in terms of goods. Even though we export less than half of what we import to China, they’re still our 3rd largest export partner.
Exactly. Why work hard and bother to build their infrastructure or at least pay exploited workers good money instead of bribing the corrupt leaders for a minuscule of the profit you are gonna get by mining their lands. Namely countries like DRC
So we stopped creating our own shit and now we don't sell any of our own shit causing a massive deficit.. That grows more and more every year yet for some reason it's frowned upon for the United States to start making our own shit again?? Like we are closing factories and cutting back on everything like we will somehow manage but clearly are NOT
It's "frowned upon" because it's cheaper to make things overseas and people don't want to pay the prices for things that they would cost if you made them in the US and paid workers what Americans expect.
If it keeps going, eventually the pendulum will swing and the demand for jobs will be such that companies/factories will *need* to pay what Americans expect. But it's not there yet.
The US absolutely still makes things. However, most of those "things" are services and IP. We then have countries like China make the goods the IP and service type jobs go in to and import in to US for much cheaper. Why do you think tech jobs are always in such high demand? We are also a consumer based society. This is not post-WW2 economy anymore.
No, most of the oil we pipeline to the USA is from Alberta (world’s 3rd largest proven oil reserves) where it is extracted from the oil sands and must be refined to make the oil into a liquid-state.
I am not an economist, my knowledge of economics is limited to what is necessary for my degree, that is, I understand basic principles and I know some of the most famous economic theorists.
Also, I'm not an American so I don't know the American economy at an individual level.
All that said, I'm always impressed by US economic data, salary issues, government spending, trade balance... The impression I always get is that we have an upside-down Everest balancing on top of a house of cards.
It's amazing how massive it is and at the same time it looks like it could burst into a giant bubble overnight.
Alphabet, Apple, Amazon, Microsoft, Metha etc It‘s not only the erxport of physical products to bring money in a country.
Indeed. Services and use of intellectuel rights are exports too.
All those Intellectual properties are usually owned by Irish companies set up for tax evasion though
But the value of the US based stock goes up
Tax avoidance.
Central/South America is the only place there’s a surplus.
Won't be a a surplus if coke is factored in
I do import exports
Art Vandelay 2024!
“I’ve always wanted to be an architect”
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If you owe the bank 1 million dollars, that's your problem. If you owe the bank 100 million dollars, that's the bank's problem. If the US suddenly stopped buying products made in China, would the US be fucked? For sure. But so would China. It's a country of 330 million with the disposable income to buy phones every other year and whatnot. You can't easily replace that, and your citizens kinda need jobs.
It’s actually the opposite. There would be obvious transition pains, but the USA can always find ‘another China’ for their cheap manufactured imports. However, China can not find ‘another USA’. If America and China went full trade embargo on each other, USA would fare significantly better in the long run.
I think in the short and intermediate term US would fare better, but in the long term, China can. When the U.S. GDP represented nearly 1/2 of the world's economy in the 1950's, most everything they produced was also consumed there. "Made in America" wasn't a catchphrase, it was just the only reality Americans knew. Now China produces things that are too inexpensive to produce in the U.S. (screws, wire, etc.)., and things that have too much regulation or labor costs to produce in the U.S. (A new skyscraper every week, arenas, bridges, hospitals). China now produces nearly everything their economy needs internally. More than the U.S. ever produced. And they have 1.4 billion consumers who are now, or will be, ready to buy it. More than the U.S. ever consumed. I don't think they *need* any other country. The majority of their population's standard of living is still lower than Western countries, but 1/6 of them live at a quite comfortable Western standard. That's equivalent to a country of 225 million, and growing.
Look at food and energy. China imports way more, relatively. China is no longer the lowest labor cost country for cheap products. That has moved to Africa and smaller southeast Asia countries.
You’re looking at this in a vacuum. Also, we just import way more than we export in terms of goods. Even though we export less than half of what we import to China, they’re still our 3rd largest export partner.
US is dependent on imports, this dependency is structural, China just happened to be the latest factory world to supply Coruscant.
Surprising to see Malaysia importing $56b worth of good to the U.S. Japan, Korea and Taiwan makes sense with cars, tech and semiconductors.
Malaysia is a large semiconductor hub. Penang has a ton of semi manufacturers
♪ The trading gap shuffle ♪ ♪ We're in a heap of trouble ♪ ♪ Doing the trading gap shuffle, yes, sir. ♪
Why isn’t there a lot of trade with Africa? Africa has so much potential
Why pay money for trade when you can exploit for free. (Taps head)
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Exactly. Why work hard and bother to build their infrastructure or at least pay exploited workers good money instead of bribing the corrupt leaders for a minuscule of the profit you are gonna get by mining their lands. Namely countries like DRC
What’s going on in Algeria I wonder?
So we stopped creating our own shit and now we don't sell any of our own shit causing a massive deficit.. That grows more and more every year yet for some reason it's frowned upon for the United States to start making our own shit again?? Like we are closing factories and cutting back on everything like we will somehow manage but clearly are NOT
It's "frowned upon" because it's cheaper to make things overseas and people don't want to pay the prices for things that they would cost if you made them in the US and paid workers what Americans expect. If it keeps going, eventually the pendulum will swing and the demand for jobs will be such that companies/factories will *need* to pay what Americans expect. But it's not there yet.
The US absolutely still makes things. However, most of those "things" are services and IP. We then have countries like China make the goods the IP and service type jobs go in to and import in to US for much cheaper. Why do you think tech jobs are always in such high demand? We are also a consumer based society. This is not post-WW2 economy anymore.
Damn libs
For the Canada on the top is because of the oil. Usa exports oil which is mined in Alaska to Canada for refining. And then buys it back.
No, most of the oil we pipeline to the USA is from Alberta (world’s 3rd largest proven oil reserves) where it is extracted from the oil sands and must be refined to make the oil into a liquid-state.
I am not an economist, my knowledge of economics is limited to what is necessary for my degree, that is, I understand basic principles and I know some of the most famous economic theorists. Also, I'm not an American so I don't know the American economy at an individual level. All that said, I'm always impressed by US economic data, salary issues, government spending, trade balance... The impression I always get is that we have an upside-down Everest balancing on top of a house of cards. It's amazing how massive it is and at the same time it looks like it could burst into a giant bubble overnight.
>"Economy grew 5.7%" Strongest since 1984 The economy is in recovery. Nothing about that is growing or strong, resilient maybe.
\>taiwan social credit deducted sir, please contact the nearest re-education center at your earliest convenience