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Kimberly Amadeo

U.S. No Longer World's Largest Economy

By February 12, 2008

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For the most recent rankings, see World's Largest Economy.

In 2007, the U.S. lost its seat to the European Union as the world's largest economy. The EU's economy produced $14.4 trillion in goods and services, while U.S. GDP came in at $13.86 trillion. Combined, the two produce over 40% of the world's economic power, which totals $65.82 trillion. (Source: CIA World Factbook, Rank Order GDP)

These figures are measured using purchasing power parity, which takes into account the standard of living of each country. This provides a more fair and relevant measure of GDP.

However, the U.S. still has the largest economy of any single country. The next largest is China, at $7 trillion, followed by Japan at $4 trillion. The largest single EU country is Germany, at $2.8 trillion, which has been surpassed by India, whose GDP was $2.965 trillion in 2007.

What It Means to You

The U.S. economy is growing, but just not as fast as the EU. Many analysts initially said that the EU "experiment" was doomed to failure, since these vastly different countries could never work together as a unified economy. Instead, the EU is so successful that areas such as Southeast Asia and Latin America are considerering unified economies.

The EU now has an economy of scale that eats into the comparative advantage the U.S. has traditionally enjoyed. Furthermore, the EU's currency, the euro, is now competing with the dollar as a global currency. Thanks to these competitive pressures, a U.S. recession could be the precursor to a lower standard of living that may not return to previous, stronger levels.

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Comments

April 25, 2008 at 1:53 pm
(1) Andrew says:

The EU isn’t a nation state.

April 25, 2008 at 7:16 pm
(2) Kimberly says:

Hi Andrew,

True,and I mentioned that in the third paragraph. However, what I think is interesting is that the EU is a new type of economic entity…not a nation state, but functioning as one economically.

ASEAN is also talking about forming a similar economic entity, with a single currency as well.

Meanwhile, in the U.S., protectionism is rearing its ugly head…which would only leave the U.S. economy further behind the trend.

Kimberly

May 25, 2008 at 3:22 pm
(3) Maurice says:

A friend of mine and I have discussed relative sizes of national economies and I would appreciate some well-informed input, since neither she nor I are economists. She claims that China’s economy is now bigger than the U.S. economy’ and India is now 3rd.

My inclination is to use GDP as the basis of comparison, but factoring in Purchasing Power Parity can give a rather different picture of the relative sizes of national economies. How misleading are those figures?

The different GDP rankings among countries which put the U.S, China and India at 1st , 4th and 12th and at 1st, 7th and 12th, respectively. (This discrepancy is likely due to a recent release of previously undisclosed sectors of China’s economy.) PPP adjustments put them at 1st, 2nd and 4th, respectively.

How far off would you say she is in her claims?

May 27, 2008 at 1:34 am
(4) useconomy says:

I would love to know what her source is.

I use the CIA World Factbook, GDP using PPP. It puts EU first, U.S. second and China third.

I can’t make any comment about her claim without knowing the source.

Kimberly

September 4, 2008 at 12:58 am
(5) Cess says:

Never count the USA out. For strucrual reasons it will be the best economy with one of the highest living standards for years to come. China and India habe a lot of people but are contrained by corruption, human rights, polution, etc. The true judge of a prosperous country and that countries might, is how many people would move there in a heart beat if they could.

October 9, 2008 at 5:57 am
(6) lk says:

Hi Cess,

Well, that great economy of yours just required $700 billion to survive (have fun paying that back). Where do you think that money came from? If China didn’t continue to lend you the money, the US economy wouldn’t exist. As a matter of fact, if China were so inclined, they could dump their trillions of US investments tomorrow, and there wouldn’t be a US economy anymore. Luckily for all of us, this is not (yet) in China’s interest.

That many people in the third world want to move to the US has much more to do with Hollywood dreams than the state of the US economy. Most immigrants end up in poverty being exploited in the US, and these people would in general be much better of in countries such as Holland or Sweden. However, Holland hasn’t spent the last 50 years trying to convince their own people and the rest of the world how wonderful it is…

October 10, 2008 at 10:47 am
(7) Nacho says:

In the last paragraph of the article why do you say the euro is now competing with the dollar as a golbal currency? It is actually, and for a long time now, more valuable. The EU economy is stronger than the US, give the facts don’t sugar coat it.

October 10, 2008 at 12:44 pm
(8) Kimberly Amadeo says:

Hi Nacho,

There are still more holdings of the Dollar than the Euro by a long shot – and that’s even before everyone started hoarding dollars.

Kimberly

October 16, 2008 at 1:20 am
(9) redcap76 says:

As usual, most of the arguments presented here are purely a matter of perspective… the EU is a group of nations and is therefore subject to political problems between these nations. California doesn’t have an argument with Texas and hurt the entire US economy, but tension between nations happens all the time. Comparing the US economy to the EU is riddled with problems because the Euro is just a currency type and doesn’t reflect anything else these nations have in common. As far as the 700 billion dollar “bailout” is concerned, it’s not a bailout! The US government is purchasing assets at pennies on the dollar to reestablish a fair market trading value for those notes. In 10 years they will sell those notes and turn a large profit. The US is the worlds largest economy BY FAR and this is easily demonstrated when the US economy shows any signs of weakness and the rest of the world takes a tumble.

October 20, 2008 at 8:15 pm
(10) Ajay says:

Kim,

Like the rest of the bloggers, I don’t think the comparison is fair.

Also the Purchase Power Parity (PPP) is a poor metric to use since it overstates the actual economic activity in a country. Purchase Power parity only makes an assessment of price equivalence of a “basket of goods”. People in each of these countries do not consume at those prices. For example, an Intel does not sell its Core 2 Duo at a price deflated by the PPP of 5 in China.

Ceteris Paribus, as the dollar strengthens and EURO weakens, the US economy will be larger again – which again is an improper assessment.

The PPP and the Foreign Exchange rates do not establish the size of or the prosperity within an economy. It is just good discussion.

November 4, 2008 at 6:08 am
(11) Jelle says:

As Kimberly mentioned, the EU has been surprisingly successful in it’s efforts of functioning as one economic region. This far surpasses just having a single currency by the way. Their economic policies are more and more in tune as well.

The geo-political arena is changing rapidly and it might very well be the case that the EU will be far more capable of fulfilling the role of the world’s leading entity than the USA.

The problem for the USA is that they are so determined to change the world that their political capital is deteriorating even more rapidly than their economic status.

Whe’re witnessing what is probably going to be the last decade of the USA as the dominant nation in the world. The worlds biggest single nation economy will be that of China, the world’s reserve currency will be the EURO, and the preferred partner in case of geo-political problems will probably be the EU (exactly because they don’t fly their bombers into every conflict right away, with the obvious aim of bringing coca cola democracy).

It’s probably for the best too.

November 13, 2008 at 11:53 pm
(12) rocco says:

The USA remains number one in technological innovation, the state of California’s GDP beats that of most G20 countries, and so does the economy of Texas. The USA leads in computer technology, space, and academic thought (look at all the Nobel prize winners.

November 14, 2008 at 1:02 pm
(13) Kimberly Amadeo says:

Hi Rocco,

We have been, but will we continue to be? The European Center for Nuclear Research opened the world’s biggest and most complex machine, the Large Hadron linear collider in Cern, Switzerland in September 2008. It will be the center of attention for particle physicists over the next 15 years because of its unique ability to address questions about the structure of matter and the evolution of the universe.

The U.S., on the other hand, will shut down the world’s largest particle accelerator in 2010. To retain its leadership position, the U.S. needs to increase its particle physics research budget by at least 2-3% per year.

Kimberly

November 20, 2008 at 11:56 am
(14) Leandro says:

If the rest of the world consumed like the US….we would need 5 planets.
No worries….we can always invade another country….if we run out of resources :)

November 20, 2008 at 2:00 pm
(15) Kimberly Amadeo says:

That’s probably the only “bright” spot with the recession…the U.S. will stop consuming – and probably for quite a while.

Kimberly

November 24, 2008 at 7:13 pm
(16) Simon says:

It doesn’t mean anything to Europe if America becomes a protectionist. America imports much more than it exports. The power of Americas large consumer market is decreasing and most of the few American exporting industries are not leading. If the American government injects 700 miljard, understand it lends this money from abroad. If the dollar would become volatile, we might become protectionists with our cash.

Don’t underestimate Europe. We have a very long rich history, a history where whe have prospered even when we were not acting as a unit. Since the war Europe has steadily progressed in become more unified, albeit very slowly.

Europeans also are more internationally oriented. For example, the Netherlands allmost 90% of its inhabitants has a passport. To say that far less Americans have a passport would still be an understatement. It’s so damn easy for Americans to speak about Europe without ever being there and not respecting it’s own roots.

It’s America’s arrogance and lack of diplomacy which has made it less popular around the world. These are the days where America needs friends. With being a leader also comes a great responsibility, in terms of foreign relations, financials and moral. The Bush administration has stained the reputation of America in a very ugly kind of bad way.

December 16, 2008 at 2:38 pm
(17) Edgar says:

What about NAFTA? If US, Canada and Mexico’s economies would consider something like The EU, what would be the result?

December 16, 2008 at 9:52 pm
(18) Ajay Madwesh says:

Well, what now.

Jelle’s assessment this being the last decade of dominance of the US is playing out – if it takes the US a year to get out of the mess it is in, it will take a decade the for EU to get out of it. I can see some definite wishful thinking there.

Jelle & Simon should check their facts about EU starting to become cohesive. Trichet was raising interest rates to combat inflation with Spain and Italy both in recession – that is not the sign of a cohesive entity. The ECB is heavily driven by France and Germany.

Also, it is the sign of stupidity as the ECB is charged with only the price stability mandate and heck they kept fighting inflation by raising rates even while the unemployment in several regions had hit 13%. They subsequently moved the rates well below where they started.

Having worked for a European company, it is clear to me that the European attitude of superiority which is their downfall has still not withered. For the little they know and understand, their claims far overstate the reality. An example of this is the famous Financial Times front page on how the US is unable to comprehend the coming depression and the advise on how to fix it – all this while the same thing was happening in their back yard and they didn’t figure it out. Germany said the problem is across the pond not in Germany and they jumped into a recession faster than the US – and kept scratching their head.

The LHC fell apart and needs a 6 month repair even before the first proton was let loose in it. It will be good for science in general but hope you know that the US funded 10% of the $8 billion and scientists from here are working with European scientists. Hope they find the “God particals” they have set out to find but surely it will not be by themselves.

December 22, 2008 at 1:59 am
(19) Roger says:

The greatest tragedy of all this is how all these “EURO” fan boys have forgotten that just over 60 years ago the United States single handedly saved Europe’s ass. Don’t forget that all you ARROGANT AND UN APPRECIATIVE Europeans owe and will continue to owe your very existance to the United States. Yes the United States is in a slump right now and it’s remarkable how the coyotes and vultures have come out to fester in it’s time of weakness. Don’t forget that EU is a union of many nations therefore the United States as a nation is still the largest economy in the world. Everyone has seen the way the United States has overcome many tougher times before and will once again. The United States will never go down, because Americans do not just lay down and die, we fight and we succeed. WE OVERCOME, NOW AND FOREVER. GOD BLESS AMERICA,THE LAND OF TRUE FREEDOM AND OPPORTUNITY.

December 30, 2008 at 10:48 pm
(20) Ricky says:

Rogers, well said. Kimberly wrote:”The European Center for Nuclear Research opened the world’s biggest and most complex machine, the Large Hadron linear collider in Cern, Switzerland in September 2008.” actually wrong. this is a coalition project including USA, Japan, Russia…. The project was suppose to be placed in Japan, but because of the Nuclear issue they move it close to France. So get your fact first, and Good night

January 6, 2009 at 1:30 pm
(21) Michael says:

Thanks, “lk” (posting #6)

I was just about to say all of that, though albeit not nearly so eloquently as you did.

To all Americans out there: stop believing all the nonsense you are being fed by Hollywood, Fox “News,” and your politicians. You are still holding on to the has-been dream of the “huddled masses” stomping all over one another to live in your country, after weeping a tear at the Statue of Liberty. Once they get to your country, as “lk” has stated, they spend years as doctors driving cabs, or engineers washing floors, never truly accepted as a bona-fine American.

Lots (and I mean LOTS) of other countries are much, much better places to live than yours. My wife has lived in your country, and no, thank you.

January 6, 2009 at 1:44 pm
(22) Michael (again) says:

“The greatest tragedy of all this is how all these “EURO” fan boys have forgotten that just over 60 years ago the United States single handedly saved Europe’s ass. Don’t forget that all you ARROGANT AND UN APPRECIATIVE Europeans owe and will continue to owe your very existance to the United States. Yes the United States is in a slump right now and it’s remarkable how the coyotes and vultures have come out to fester in it’s time of weakness. Don’t forget that EU is a union of many nations therefore the United States as a nation is still the largest economy in the world. Everyone has seen the way the United States has overcome many tougher times before and will once again. The United States will never go down, because Americans do not just lay down and die, we fight and we succeed. WE OVERCOME, NOW AND FOREVER. GOD BLESS AMERICA,THE LAND OF TRUE FREEDOM AND OPPORTUNITY. ”

Actually, it was that last line that really helped put your post into the fantasy category.

Do you people really buy all that blown-up, self-gratifying hooey?

First of all, no one said you would lay down and die. Relax, put the gun down …

Also, no one said that the EU is a country. The author of the article is simply giving a balanced comparison of world economies, and if anything, the article is a commentary on the power of unity. That’s also something that’s sprayed at you guys quite often, isn’t it, what is it, “united we stand?”

Also, to help dispel your own diluted understanding of history: in the article, you refer to the fact that, in your opinion, Europe wouldn’t exist without your country. I find that laughable, considering the fact that the U.S. wouldn’t exist if it weren’t for European explorers. I know you guys divinize Columbus, but you might want to read up on Eric the Red, Walter Raleigh, Amerigo Vespucci, etc. And hey, they’re all European.

So thank you for the typically American machismo-laden post. We’ll make sure to think about that next time we’re watching Rambo.

January 14, 2009 at 11:31 am
(23) NETO says:

AND WHAT ABOUT BRAZIL?WHAT CAN U TELL ME ABOUT ECONOMY OF THIS COUNTRY NOWADAYS?

January 14, 2009 at 7:20 pm
(24) Keith says:

Yes, as the first commenter mentioned, this article does compare apples and oranges. The title, therefore, is disingenuous. Nevertheless, your comments on comparative advantage are interesting.

January 27, 2009 at 11:33 pm
(25) JB says:

Who Cares? It stands to reason as more EU countries join the Euro it will be become a bigger economy. Europe’s second largest economy, the UK hasn’t even joined the Euro yet and for good reason. This new economy has still much to prove before it would ever be accepted by the British.

February 3, 2009 at 5:59 pm
(26) useconomy says:

Reply to NETO –

Here are two articles about Brazil’s economy.

Brazil’s Economy Weakens

A Profile of Brazil’s Economy

Kimberly

February 19, 2009 at 8:45 pm
(27) Nathan says:

I find it laughable that Kimberly wants to compare the European Union and the Euro Trash economy with the U.S.A. economy. One is an illicit and supranational cult whereas the latter is a free market who also happens to be the world’s largest importer.

It’s all relative anyways. This is China’s time to shine. Not Europe or America’s.

March 7, 2009 at 5:38 pm
(28) SV560A says:

You can’t compare EU, China or US with GDP.
Indeed EU is the biggest economy :
EU GDP $19.105 trillions
US $14.67 trillions
Source : IMF Data Mapper
BUT
EU labour force : about 210 million people
US : about 160 million people
The best way to compare the wealth of countries is to base your statements on GDP per capita.
EU GDP per capita $41000
US $47000
US is wealthier than EU but that’s normal because eastern European states were under a communist system that’s why they have an high growth rate and soon EU economy will stabilize and be same as US’s. States like Germany + France + UK + Italy + Spain or the Eurozone are as wealthy as US.
Nathan : What a rude and uneducated-like comment, may I ask you on what are you basing your statement?

For the moment, EU will remain the first economy during 30-40 years then China and India should take the lead according to economists.

March 10, 2009 at 3:44 pm
(29) Ken says:

There seem to be quite some harsh and shortsighted statements in here.

It’s true, the US fell this time and it dragged the world economy down. They’ve got power, but if Europe would have been the first to fall, it would also have harsh effects on the the world economy, the EU is also quite a big importer. Europe and America can’t live without one another at this moment, and both also have great importance in keeping good records with China. The US is no longer a strong leader that does not need any allies to succeed. It is tied to many other countries to stay successful. The main economies need each other, that’s the only reason why one causes such domino reaction.

And then the ‘america saved europe’s ass in WWII’ argument. Yes and the Europeans are grateful for that, but don’t make it seem like it’s an heroic action. There was quite a bit of self interest in that action + they were attacked themselves by the japanese. If they wouldn’t have saved europe who would be their main ally? The US has built some of it’s former wealth on Europe’s back (like during WWI).

I live in Europe, I’ve also been in the US and I’ve also studied the european integration process. European countries are too different to ever become ‘the United States Of Europe’ though that idea was already introduced about 60 years ago. And there is quite a large wealth difference between western and eastern europe. Countries like Germany, the Netherlands, Belgium, France have a very similar standard of living to the US’, there’s even, I think, less poverty than there is in the US because of the good social security. The eastern european countries are only part of the EU since 2004 and two since 2007, many of them were communist countries less than 2 decades ago. It cannot be expected at the moment that they have similar wealth, that’s something for the future hopefully, I’m certain they are working hard on that matter. The EU has a larger population, and even several more countries that could join in the future, so I believe in the long term even closer integration will happen, it will never become a single state probably, but it has a supranational entity and more and more aspects happen on a supranational level, the EU has a larger potential to become the larger Economy in terms of GDP, but I don’t think it will ever be in terms of GDP per capita. In the long term I see this ranking: GDP ==> 1: China, 2: EU, 3: US. But more importantly GDP per Capita ==> 1: US, 2: Japan, 3: EU

March 12, 2009 at 4:17 am
(30) Lucas Eller says:

The truth is that the US economy is the largest if compared among countries/nations. The EU economy, in turn, is the largest of all, when compared among world economies. People may say whatever they say about it; truth be said: it (the EU economy)is growing more and more powerful and influential in the world.

March 14, 2009 at 12:26 pm
(31) roborino says:

Really a mixed bag. “Michael” has perhaps the most distorted view of America. I have lived in the US and Sweden (more than 10 years in both countries) and I have extensively studied European immigration (masters degree). I think many people are discounting the vast slums of immigrants that Europe has created. Where I live in Malmo Sweden it is like a powder keg. In Copenhagen the situation is also very volatile.

During my research I found that many of the immigrants that I interviewed had intended to go to the US but could not get a visa. Now many of them are stuck in places like Rosengard (Malmo) or the thousands of other ghettos that Europe has created for them.

Contrast this with the success rate of many past and recent immigrant groups in the US (as measured by economic participation – particularly from the middle east) and you have a much more accurate picture of the contrasts between the two continents. Iranian doctors are hardly driving cabs in the US, as many of them are doing in Stockholm. Or perhaps you would like to talk to Imad, an engineer from the Middle East, whose friends went to the US and got jobs as engineers immediately. He is cleaning hotel rooms in Denmark. The statistics overwhelmingly support this story.

On top of that European politics are increasingly becoming nationalistic (Austria, Norway, and Switzerland for example). I hardly doubt any European country is ready to elect a black man named Hussein. And this is a tribute to the US.

Many have also brought up US foreign policy, which had been abysmal under the Bush administration. We should not, however, forget the situation in Yugslavia and how “well” Europe took care of the genocide on our own continent. It was not too long ago that the US was forced to step in (right or wrong) and take care of the situation.

Some of you are not admitting how disjointed the EU actually is. There is hardly an agreed upon foreign policy and many countries have significant differences on how the world should look (just look at Denmark and Sweden – worlds apart). How can the continent ever be a “force” until there is a unified coherent policy.

Yes Europe has significant strengths in social policies and generally cares enormously for the well being of its inhabitants. The mixed market economy has created a very high standard of living. Its inhabitants are healthy, prosperous, and happy. In fact the US could learn a lot from Europe. It is not, however, a one way street. I am admittedly a huge fan of both continents. Anyone who feels otherwise has not spent a significant amount of time in either.

March 16, 2009 at 11:35 am
(32) Lucas Eller says:

When I made a comment about the largest and most influential economies in the world, I forgot a very important point-of-view: the US economy is still much bigger than the second economy (Japan), more than 3 times larger (according to data on Wikipedia, from the IMF, the World Bank, and the CIA World Factbook). Also, according to their data, the difference between the US economy and the EU economy is not so big… in other words, the US is still almost as wealthy as “27 sovereign nation states” which are the EU, according to Wikipedia, and bigger than the second and third economies (Japan and China) combined.
Cheers ;-)

April 27, 2009 at 8:53 pm
(33) Allen says:

Hi Kimberly Amadeo!

Kimberly the particle collider was a joint effort between European nations and the U.S, your point holds no relevance what so ever.

Let me apologize on behalf of my countrymen for not wanting to build what could be tentatively the most dangerous device created on our own soil.

Time to hit the research forums Kim.

April 30, 2009 at 5:46 pm
(34) Madwesh says:

I cannot believe this blog is still going on.

The first statement reads “In 2007, the U.S. lost its seat to the European Union as the world’s largest economy”. How much more erroneous can that statement be – Washington apples to Florida oranges.

Either compare:

a) EU region to NA. Comparing EU zone which is an aggregate of 25 countries with a population of 325 million to one country and calling it as a bigger economy is ridiculous.

b) EURO to Dollars: The US Dollar was weakened thru intervention with in a year of EURO’s debut to help its survival. It is headed for another collapse now.

c) Quality of life: Compare it with equals – for example at least start with a country that is 100 million+ in population. Sorry Sweden is not a apples-to-apples comparison to the US.

The US subsidizes about 60% of the world if you take the world currencies tied artifically to the US dollar – including China, India. Like I mentioned above, the EURO experiment was headed for failure till the US bailed it out – there is a reason why UK stayed out of going EURO, it is poorly coordinated. Spain’s unemployment was drien from 10% -18% now because of poor monatary policy from ECB. ECB was hell bent on reducing inflation in Germany and France and kept raising interest rates. Spain will be the first country to bail out of this marriage of conveniences.

Lastly, there is no de-coupling of economies anywhere in sight. China or Japan has not bailed out the world economy. It will not for another several decades.

Establish a boundary condition to comparision and truly compare apples-to-apples. The US has its flaws but the basic permise of this artical is flawed with even more flawed analysis.

May 2, 2009 at 4:23 pm
(35) Swim says:

The native peoples of Europe are becoming extinct, no maybe about it. That will change everything there. Most will then be muslims of Middle Eastern descent. Perhaps persecution?
There are Asian peoples in their native lands also becoming extinct such as the Japanese and the Koreans, which will change things there also. They have been bringing in foreign workers to help with their aging populations, mostly muslims of Asian descent.
Perhaps forced mass nationalization?
In twenty years many native Chinese populations are also expected to start going into decline, except for their muslim population. Perhaps mass birth plans and persecution to avoid fate of Europeans?
In the USA the population of whites are declining, blacks are expected to soon start declining, and the Latino and Asian populations are growing, mostly Christian. The muslim population of Middle Eastern descent is also growing in the USA and even more so in Canada. This will change everything too. Perhaps they will do as China to avoid Europes fate or perhaps do nothing.
What will happen? Who can say? I do see that a lot of the very wealthy whites of Europe and the USA have bought land in China and moved their families there. Perhaps they know.
An economy is only as good as the balance of its industry to its consumers. No industry, no jobs, no consumers.

June 16, 2009 at 1:41 am
(36) suresh says:

I am from asia , as a nation america is still the biggest economy,the eurozone consist of a number of countries from europe ,it is unfair to compare a single country to half a continent.Anyway America as a nation of inovation will always prevail their history which includes saving western europe from
the nazi germany and saving asia from imperial japan.You either like them or you hate them but you have to accept the fact that america is a strong industrialized nation with
history in its side whenever a economic downturn accurs or any other issues.America still has the largest middleclass population in the world in terms of buying power.
Unlike china or even to a lesser extent india i doubt with their pirated technology able to match originality.Europe being ungrateful to america especially the french even the germans.The french please try to not to forget D-DAY the sacrifice made by the American soldiers.The germans please remember marshall plan thankgod the russians did not invade the whole of germany.I will end by saying history and the future is simply on United States Of America’s favour.I mean the hip hop culture , the invention of car ,plane , television and facebook i can just go on naming invention without stopping.

June 25, 2009 at 10:49 am
(37) pro-euro says:

Some weird postings above.

Many modern innovations are not from the US.

The automobile? Either french or german invention.

The TV? A long development by many countries. The first to call it a ‘television’ was a Russian.

Both Asian and European countries have a longer history than the US, also in an economical sense. The first stock markets where in France/Belgium/Holland as early as the 1300s. Industrialization occurred first in the UK, then other Western-European countries, then the US.

Europeans are grateful to the American soldiers that died in WW2, but let’s not forget about the Russians, the British, the Canadian, etc.

And please don’t forget that the USA wouldn’t have existed without these European settlers (not that this is something to be proud of it, considering the natives, but it’s a fact). The US has only been a superpower for 70 years now, which is not that much in world history.

Finally, the US consisted as several regions (just like Europe does now) and only exists in its current-day form since 1898. It is not unthinkable that the EU will be considered one country sometime in the future. If it will, it will be one of tomorrow’s superpowers, together with the US, China, India and Russia.

August 1, 2009 at 7:56 am
(38) Kizito says:

Your are comparing one sovereign nation to a dozen of sovereign nations. The Europeans and false alarmists love this kind of comparison to make them feel great or insightful. Here you also forget that the EU has twice the population of US. The organization or so called union will add more countries in the future. However it will still be an organization of several sovereign countries and not a single united nation.
So if you are comparing the GDP of organizations of nations compare the EU with NAFTA, ASEAN… If you are comparing nations then talk about China, India, USA, Canada, France, Germany, Italy, Spain, Russia, Mexico, Japan, South Africa… Do not mislead people with funny statistics.

August 1, 2009 at 5:06 pm
(39) Kimberly Amadeo says:

True, it is not a nation-state. However, perhaps organized trading areas like the EU are a new type of entity. It is not illegitimate just because it is not a nation-state.

Kimberly

August 21, 2009 at 10:20 am
(40) Ava Odoemena says:

Hi, I’m greeting from Germany and I’ve been reading this blogentry and the associated comments with great interest.

I don’t really want to get into the presented reasonings, however, the general theme which emanates from “both” sides has an old fashioned, territorial quality to it and I’m sad to see the most unhelpful put-down-methods of denigrating stereotyping.

As humans, we face greater problems which aren’t solved by comparing appendices. A big economy (of bubbles), which doesn’t exist within a self-sustaind equilibrium is nothing but a cancer. Why would anyone hail a bigger cancer, or, less polemic, a bigger bubble?

To solve the real problems, we must focus on what unites us and not what separates us. It’s easy to find things which separates us, I can look at my husband to find things which separate me from him, no need to venture out of my house not speaking of looking at other countries.

The most important challenge is to heal the growth! The economical and finanicial crisis is a perfect starting point for beginning the transition towards a sane economy, WE, THE WEST are what the others are striving towards, and if we reinvent ourselves towards a saner society the others are bound to follow.

What such a saner society would look like, well, something other than what we have now. Before we can start sharing ideas, we must create the atmosphere into which the ideas can arrive.

The will to kindness and respect, by all sides is the first step.

Have a nice day.

August 21, 2009 at 1:12 pm
(41) Kimberly Amadeo says:

Hi Ava,

I agree with you completely. This economic crisis is a wakeup call asking all of us who we really want to be. Do we want to point fingers and blame others? Or do we want to accept reality and work together to create something better? I really see people falling into one of the two camps.

For more, see Waking Up From the American Dream.

Kimberly

August 27, 2009 at 11:01 pm
(42) Jajo says:

china is the world leading world largest economy
surpassing u.s.recession started all from u.s morgage.and it’s china and india that save the world.
america will be in the bottom if there is no country call “china”. america owe more then $7000 trillion to china.so better be carefull,if china ask the money back then america will be in big trouble.

“the great depression could be back in america”.
better be carefull what you say.american.

August 28, 2009 at 2:21 pm
(43) Jeff says:

EU is a conglomeration of countries… ridiculous.

August 31, 2009 at 6:38 pm
(44) Madwesh says:

Pro-euro,
You may have heard of technology, software and semiconductors, nanotechnologies, biotechnology, finance, medicine, hubble telescope, wireless communications….

Jojo,
Chinese premier said last week there are a “developing country”. You may want to check your numbers.

Aknowledging Ava’s sentiment – the subject of this blog is not just mileading, it is provocative – and Kimberly did get what she wanted, a debate.

However, this creates diversion and need to take a side. Truthfully there is some neat stuff that has come out of every corner of the world and we still need to account for the success of 6.5 billion human beings. Over half of them have no access to basic amenities or resources to control their future.

This kind of discussion is a digression from one core objective – it is to take what we have and spread it to those who need it.

August 31, 2009 at 11:51 pm
(45) useconomy says:

According to a recent UN World Wealth report, as of 2000, the U.S. owned 25% of the world’s wealth with only 5.5% of its population. As this wealth is redistributed, the U.S. will continue to decline in economic size.

This article points to one of the sign-posts along the way. I agree with Ava that Americans need to recognize that being #1 economically may not be as important as being #1 ethically.

Kimberly

October 19, 2009 at 10:17 am
(46) Bill T. says:

So many American’s have been taught that the “American Dream” can never fade away, and, it is true, the “Dream” will exist…but, this time, the economy is likely to reset at a much lower standard of living.

No-one alive today has lived in a world without cheap oil and that is what we are facing. Also, the weather patterns seem to be getting more unpredictable, which will affect food supplies and costs.

I think a world currency is also a sure thing eventually.

October 19, 2009 at 2:20 pm
(47) useconomy says:

Agreed. See my articles Waking Up From the American Dream.

November 5, 2009 at 11:56 am
(48) Matthew says:

It amuses me how the US persists with this “we saved Europe” line. The Americans were part of the Allied Forces that won the second world war but the reality is that it was Russia not the US which had the greatest bearing on the outcome of world war two. Hitler’s crazy aim to invade Russia backfired and from there the war was lost for him.

As usual US came in too late to really make a significant difference.

The US is a superpower in decline. Those people being born now will see a once great nation fall to its knees, slipping down the economy list, being overtaken in commerce by Asia, and ultimately their armed forces overtaken by China.

It’s sad to see this but nothing lasts forever.

Get real americans and enjoy your last few years of supremecy.

November 5, 2009 at 1:33 pm
(49) Kimberly says:

I agree. The economic crisis of 2008, and ensuing recession, is a wake-up call. We cannot sustain an economy with debt and derivatives.

Kimberly

November 10, 2009 at 5:36 pm
(50) Jonas says:

The European Union is much more than just a trade agreement like NAFTA. The EU has a parliament and a “government” (comission). The new agreement will add a president and a foreign minister. Still, the EU won’t be a national state. It is a supranational entity which takes care of certain affairs (central bank, foreign policy, large part of legislation) but leaves the rest for the member states.

Therefore, I think that it is completely suitable to compare the US and EU economies. The EU is a new kind of entity which challenges the old model of the nation state. Actually I think that the nation states are becoming old fashioned: they were born in a time when the theorists believed in a zero-sum game (gold, trade) and the business could be controlled nationally. Now we need global actors.

I wonder how much Americans know about the EU? The development of the entity has been rapid during the last fifteen years.

-Jonas, European

January 8, 2010 at 9:07 am
(51) martin says:

hi guys.
the only other thing i would to say is that America has always used RAMBO tacktics, and ideas to get what it wants. I am very happy for the existance of EU now.
This is a good sign for the future.

January 8, 2010 at 12:52 pm
(52) Kimberly Amadeo says:

I think the creation of the EU is a success overall. We will see other organizations, such as ASEAN, copying them. The U.S. had the geographic advantage of large land mass, single language, and lots of oil. The only way for these smaller countries to compete is to form an EU-type trading area.

Kimberly

January 21, 2010 at 2:45 pm
(53) Meg says:

Really, the U.S saved the European asses? Yeah maybe. But, don’t forget, that U.S. has it’s motives in doing so. Didn’t you all know that wars are their bread and butter? They gain money from selling weapons. They can even make 2 nations fight and supply weapons to both of them, but sends soldiers so it will appear that they care?

Americans should not forget, that they are EUROPEANs ethnically. Where did Americans come from anyway, isn’t mostly from the UK?

Most Americans enjoyed luxurious life, big houses, having anything they want, having vacations etc. So that’s the so called “American dream” but that is only a dream. They were able to have these luxuries because of credit cards. And now it has fired back. Learn this lesson: NEVER embrace something you can’t. Period.

————————————————————————-

I don’t think it’s really fair to compare all of the nations around the world. Every country has it’s advantages and disadvantages. Some countries has population of more than 1 billion (like China and India) how would you compare it’s economy to a country that has only several million people? Purchasing power and production power in low populated countries are of course much lower compared to highly populated nations. Don’t forget also that U.S. China and India have high land mass, meaning more resources.

About comparing U.S. and EU, it’s also not fair, EU is not a country but a union. But on the other hand, it’s not fair as well to compare U.S to Germany, as Germany’s economy is being dragged down because of non-rich countries that has joined the EU. I really don’t think EU will succeed. Sometimes it’s better to be on your own than to have an ally.

Let’s analyze things. Sure, U.S has (or had) the highest GDP, but what about it’s hundreds of TRILLION dollars debt? When can it ever be payed back? Many of so called “rich” countries are swimming in debt. And eventhough China which seems to be the richest country in the world (and for decades to come) should not be so sure about this. Who knows if their economy is built on sand, like some “rich” countries? One can never be sure about what the future holds. I read that China is maybe “doctoring” it’s data. Who knows maybe it’s true. The future will reveal.

————————————————————————-

Honestly, I pray that China won’t be the superpower, or else the world is doomed with trash. Some of them don’t care about their products even if it’s dangerous (remember melamine?) what more about their waste products? Chinese people don’t care much about hygiene or safety. Sorry but it’s true.

Most of chinese products are TRASH, and they became rich because of these. I remember I bought something, not even before using it it’s already broken. I bought a pirated DVD and after playing it 1 time it skips already. ETC. Yeah they’re cheap but see the result? I am wondering if they’re making products or mere garbage? O_O

January 21, 2010 at 10:27 pm
(54) jc says:

Interesting post! As of today, China is second in economy but about 100 million chinese are still earning one US dollar a day. How is that? I agree chinese products are just a bunch of crap but we buy it anyway because they are cheap. Rich countries helped them succeed by buying there products but hey, we love helping right and so people help each other to have a peaceful and bountiful life? Have a great day!

January 21, 2010 at 11:10 pm
(55) jc says:

Be aware that behind the success of China today there are piles of wastes and garbage that have not been taken care of, if you even saw the documentary about the success of China.

Chinese leaders are busy achieving their ‘american dreams’ that they forgot to take care of some of their people (the poor ones).

I’m from a neighboring country of China and I know how good they are when running there businesses but don’t take care of their workers/employees.

Those of you who hated Americans are just jealous and now you what to achieve that little ‘american dreams’ inside you. You are rejoicing the downfall of US economy but don’t forget that americans helped poors countries more than any other rich country in this world.

Peace out everyone!

January 25, 2010 at 2:18 pm
(56) MrKnockna2 says:

It is a travesty to claim that the USA saved Europe in WWII. A cursory glance at the period will show that it was the Red Army of the Soviet Union that defeated the mighty German Army. It is fair to say that the USA defeated Japan in the same war.

February 2, 2010 at 3:07 pm
(57) Rocki says:

I would not coinsider the European Union a singular economy. While the EU has a Central Bank the recent economic crisis brought to light just how ineffective the ECB really is. Spain’s Central bank had to act unilaterally to save its banks and the ECB borrowed trillions in US dollars. The EU is a unified economic region but is not a soveriegn economy so the USA is still ranked the #1 “sovereign economy” . I will just give you an example, when the world economy was in shambles all of the smart money ran to US dollars and US treasuries. That action says it all. Noone ran to the Euro.

February 2, 2010 at 5:08 pm
(58) Kimberly says:

Rocki,

You raise a good point. I think the main reason investors ran to the dollar and not the euro is because the euro is still relatively new. However, over time, more and more investors are buying and holding the euro.

This shift is happening slowly, but it is still happening.

Kimberly

February 6, 2010 at 10:15 am
(59) a. mclaren says:

the politicians have destroyed the u.s. economy by joining
the wto. a group of lawyers has no idea of what they have done.
i heard obama say the other day that he will not annoy
china, because of their potential as a trading partner.
for twentyfive years the trade defecit has grown to the
monster that it currently is. the u.s. is now held hostage
to a miserable standard of living and a manipulated
currency.

February 23, 2010 at 5:21 pm
(60) The Patriot says:

Without USA, Russia couldn’t of defeated Germany on their own. I garentee you, I believe USA truley did save the war or atleast played a huge role, cause without them Russia couldnt of defeated them. You have to remember USA did fight the pacific war against Japan but we also fought an atlantic war too and liberated alot of cities in europe eventually getting to germany. Russia simply beat us to germany is all. They got there first because they weren’t fighting on two fronts not to mention they are closer to germany then we were. To say it was Russia is ridiculous. America defeated germany at Wilhelmshaven, Battle of Kasserine, we caputed Palermo, Italy, we bomb the hell out of Schweinfurt. We liberated Cherbourg from the germans. There was the Normandy Invasion against the germans which was vital, St Lo, Countaces…these battles were all against Germany, Italy WHILE we were kicking Japans ass at the same time. So dont say it was Russia who saved this war.

February 23, 2010 at 5:48 pm
(61) Ken says:

Oh and I love USA. 1 single country with an economy larger, or as large as a whole continent (europe) and yet we remain younger then most of the countries in europe. Very astonishing.

March 23, 2010 at 2:40 pm
(62) Brittny Akins says:

We just need to stop producing our goods in China and start producing our own products here in the U.S.

March 23, 2010 at 4:20 pm
(63) Kimberly Amadeo says:

Look at everything in your house that says “Made in China.” Would you be willing to pay, say, 20% more to have it say “Made in the U.S.A.?”

Jobs went to China because they produce goods that are just a nice for less.

Kimberly

April 8, 2010 at 11:43 pm
(64) joseelr says:

Soundest banks in the world: Canada.
Best economy in the world (OECD, April 2010): Canada
Best Hockey Team: Canada

April 8, 2010 at 11:49 pm
(65) joseelr says:

“OTTAWA — Canada’s economy is blowing its G7 peers out of the water in terms of the speed and strength of its economic recovery, says a new outlook from a leading international organization.

The Paris-based Organization for Economic Development and Co-operation says Canada’s economy likely grew 6.2 per cent in the first quarter of this year, well ahead of the 1.9 per cent overall growth estimated for the other G7 countries.

And the 30-member organization, representing the world’s advanced nations including the G7, says Canada’s economy will continue to expand in the second quarter — the March-June period — at 4.5 per cent, about twice the G7 average.

“Canada is benefiting from its past good policies, in spite of the fact that Canada was severely hit through trade …from south of the border,” said OECD chief economist Pier Carlo Padoan.

The United States, United Kingdom, Japan, Italy, Germany and France are the other G7 countries. Brazil, China, India and Russia aren’t currently full members of the OECD, despite the growing international importance of their economies.

Padoan noted that Canada had entered the recession with stronger fundamentals than its peers, in terms of growth, its banking sector and governmental fiscal position. Canada’s debt relative to its economy is the lowest in the G7.

The Canadian economy grew at a surprisingly strong five-per-cent clip during the last three months of 2009, and kept going in January with a 0.6 per cent monthly advance that surprised analysts.

As a result, several private sector economists have revised upwards their forecast for Canadian growth in the first half of this year, but few have put growth above six per cent in any quarter.

However, economists have cautioned that Canada’s economic growth will likely slow down, noting the Bank of Canada is expected to raise interest rates in June or July, which could reduce domestic borrowing and spending.

Overall, the OECD said it was moderately optimistic about the global economic picture, with the emerging economies experiencing strong growth that is pulling industrialized countries along.

“The bottom line is that the recovery is taking hold slowly,” Padoan said at a news conference. “Industry production is bouncing back strongly, business confidence is rebounding (and) that is extremely encouraging.”

Other encouraging developments are that financial conditions are improving and global trade has rebounded from the fall-off during the recession.

He said trouble spots remain, including high unemployment, which is only starting to peak in some countries.

The OECD study added that it expects growth in leading rich economies to slow somewhat after government stimulus programs is withdrawn.

Still, “overall it is an encouraging picture,” said Padoan.

The OECD forecast that U.S. gross domestic product would rise 2.4 per cent in the first quarter and 2.3 per cent in the second quarter, down from 5.6 per cent in the fourth quarter of last year. Forecasts for Japan are 1.1 per cent and 2.3 per cent for the first two quarters of 2010, down from 3.8 per cent in the fourth quarter 2009.

Germany’s economy probably shrank in the first quarter, however, due to a slump in construction activity. The OECD estimates Germany’s rate of economic was minus-0.4 per cent in the first quarter but will grow bounce to 2.8 per cent in the second quarter.

The OECD urged rich governments to end stimulus programs next year or earlier to avoid sinking deeper into debt. But it warned that they should do so gradually and carefully.

“Despite some encouraging signs on activity, the fragility of the recovery, a frail labour market and possible headwinds coming from financial markets underscore the need for caution in the removal of policy support,” the report said.

“Consolidation should start in 2011, or earlier where needed, and progress gradually so as not to undermine the incipient recovery.””

April 19, 2010 at 2:47 pm
(66) Sam says:

Don’t Forget that Europe is not a Nation but it comprises of different countries.Not only this population of Europe is 830.4 Million while US Population is 300 million.Americans should proud of there country and also there selfs that they only as a single country is producing large amount of GDP.That was an American who landed first on moon.Hollywood is an American film Industry.NASA is a number 1 Space agency in the world.Huge Brands of IT belongs to US like Microsoft,Apple,IBM etc….. Boeing is American company.US educational system is one of the world best system 7 out of top 10 universities belongs to US not to Europe or Chine.lolssss. USA has the largest infrastructure.One main thing although USA has lost its seat and now behind Europe but still USA is the world largest economy as a nation and will remain for centuries.We all know one thing that this was only 2007-2009 recession who brought down USA but now the recession is over and i am happy that USA is recovering now the Bank of America has made 2 Billion $ profit.These are all the symptoms that USA is now coming back…………….

May 18, 2010 at 8:27 am
(67) a European says:

@Sam @Ken

Yes the EU is (at this moment) still a collection of different countries, just like the US consisted of a number of independent states/colonies.

However we are talking here about the EU, not the continent Europe. The EU (27 countries, 500 million people) has a larger economy than the US.

Europe as a continent contains 731 million people and has an economy that is larger than that of North-America (US+CA+MEX).

May 20, 2010 at 8:42 am
(68) pro-euro says:

@44
“You may have heard of technology, software and semiconductors, nanotechnologies, biotechnology, finance, medicine, hubble telescope, wireless communications….”

Do you seriously believe these are all American inventions?

Hubble is a joint NASA/ESA project, biotechnology originated in Germany (the word itself was invented by a Hungarian), nanotechnology: the Hungarian/Austrian/German Zsigmondy, and technology/finance/medicine etc already existed already before the US even existed..

and YES the US has had a high number of Nobel laureates (a Swedish prize by the way) and inventions in many fields of science but it shouldn’t think it’s the only one out there!

June 15, 2010 at 4:52 am
(69) Munaka says:

You guys are blowing this discussion way out of propotion and bringing irrelevent issues.
The point here is that the Economy of the EU is larger than that of the US. This has nothing to do with which country is best to live in and so on.
The comparison is on Economies not countries/ states.

July 10, 2010 at 12:03 pm
(70) Krishawn Hickman says:

I went to the cite that you provided thank you for that information. Can you tell me what cite to visit to see a full listing of the worlds gdp in 1810, 1910 and 1960?

July 12, 2010 at 8:40 pm
(71) Kimberly Amadeo says:
August 7, 2010 at 12:16 pm
(72) Rubbin says:

Frankly the EU is not a nation, rather an union of economic integration that seeks to promote and protect regional economic goal(s)

December 9, 2010 at 12:00 pm
(73) us says:

i would like to know what would happen if americans stopped consuming goods made in china or even in europe , what would happened to the millions of chinness people that work long for nothig , then china would have a problem , yes o not .
in which country in the world people are most needed to buy a car in EUA or in europe , in europe they have transportation sistem , people get around in trein , subways etc .what the european country can provide to us that we cant provide for our self , what about the agricultural product that euro does not have , nevertheless we in us have these product also tecnology .

January 1, 2011 at 3:49 pm
(74) jp says:

Not really, EU isn’t a nation and the only thing connecting them is the same currency, and we grow faster than them

January 23, 2011 at 3:04 pm
(75) Cameron2712 says:

whoah, this started three years ago, just let it end will you? the fact is that the european union is just a union, but a union of countries that have, combined, an economy larger than the us, but only by £250 billion. To make a point, the Large Hadron Collider underneath Geneva, was developed and is mantained by the ESA. Get your facts right, we made it not you. Oh and even though we are struggling a bit with our economy, i bet you that the UK will dominate with the big countries like the US, China and Japan. Oh, and all of that America saved Europe’s ass, you only saved France and Italy. We saved north Africa, the Middle East, South eastern Asia, apart from the Phillipenes which you guys saved. We saved all of them and ourselves with a stretched army, but with superior soldiers and equipment. Just remember, the colours on your flag don’t mean liberty, but resemble the UK’s influence over your country and will always do so. And, take a look at the name of your country. UNITED STATES. hmm, pretty similar to UNITED KINGDOM. we have influence over you, not the other way round. By the way, we invented the tv, the car engine, and the plane, not the Germans or the ‘Russians’. x

March 9, 2011 at 6:56 pm
(76) DANY says:

omg…poor guys… it must be really awful to be experimenting the backlash of your so much adored country.
Tough break. But power never lasts forever. that’s the first rule

March 10, 2011 at 1:20 am
(77) rob says:

the only way to predict a future is to look at the past history has a habit of repeating itself
all the countries in the world have gained power and influence by dominating and intergrating with other countries the persian empire the roman empire the largest was the british empire america was independent colonies consiting of british dutch and french eventually emalgamting into a single unity , europe will enevetibly go down the same route , france and germany are desperate for it however the uk is not.

for the e.u to become a global entity country superpower etc it needs the united kingdom , its experience and wealth and second only to us the usa in powerprojection capabilties is the key in ensuring a european dominance .

to insult other countries by saying we saved europes ass in the world war is very disrespectful , many countries fought many battles all of which could have changed the outcome of the war.
the usa ended the war not won the war by using nuclear weapons , something a young inexpereiced country would do .

all americans and europeans owe a huge debt to all of there ancestors who fought during world war 2 whatever nationailty they were

china will most definatley be the next global power if the eu doesnt become a unified federation, but as long as america and europe continue to intergrate and become unified and emerge as the two leading superpowers, then we can be assured of dominance for another 50- 100 years

if that doesnt happen then china and india will by far overtake both

the fact is im afraid is that one wheel wont turn without the other , we all need each other .

sorry for my spelling its 5 am

March 15, 2011 at 1:32 pm
(78) Dale Saddington says:

i agree with much of the comment above me…

Through time there has always been ONE superpower country or empire that has ruled the world from Romans to the british. It is now the American’s turn, unlike the British they will not stay at no1 for more than one century because he world is changing far to fast now.
Each Empire through time has ruled because they brought to the world was a different type of War style each apporipte to the time.

Romans brought spears and shields in mass arm’s.
the British brought mass guns and warships.
The American’s brought nuclear bombs and stealth tech.

But what China can do well is simple supply and demand as they produce everything which the western world buys.

March 16, 2011 at 5:56 am
(79) Wanguchen says:

Funny to see how insecure Americans are at the fact they are not top dog anymore. BTW by 2020 China should be ahead of the EU and US. :)

March 17, 2011 at 7:10 pm
(80) Big Mike says:

The US will surpass the EU in a couple of years. In 2008, the EU economy was $550 billion bigger than the US. By 2010, the gap had shrunk to $180 billion (CIA Factbook). And that’s with over 180 million more people! US GDP per capital is over 30% higher than the EU. The US has the most productive workers in the world. The US has a higher growth rate potential than the EU. The US is a younger nation with a growing population, while countries like Germany are actually shrinking. The US has to bail out companies, the EU has to bail entire countries!

March 17, 2011 at 8:18 pm
(81) Big Mike says:

And the list goes on. The US is immensely more endowed with natural resources than the EU. The US is the “Saudia Arabia” of coal, the largest natural gas producer, and 2nd largest oil producer. It produces almost 4 times as much oil and over 3 times natural gas than the EU. The US has a low population density and some of the worlds best and open land for wind and solar farms. Americans are harder workers than Europeans. In America, the general belief is that if you work hard, success is possible. In Europe, success is perceived as being the result of luck. Americans love to compete. Europe has no fight left in it. Go USA!

April 12, 2011 at 12:56 am
(82) Sandy says:

The USA are a federation and are no different to the UK yes they have one central government a flag covering all of their states but they ARE NOT a single country its just the difference is the states in the days of self governence never really thought of themselves as nations they thought of themselves as settlments. A few states have enjoyed breif periods of independence and texas has long craved her freedom.

April 12, 2011 at 1:45 am
(83) Sandy says:

Also to all the people saying comparing the US to the EU is unfair because the EU is more than one country, evidently you dont know how many countries the US Dollar is used in

http://en.m.wikipedia.org/wiki/United_States_dollar

U S D Official user(s) United States Ecuador[9] El Salvador[10] 15 U.S. and 3 non-U.S.
territories Puerto Rico Northern Mariana Islands U.S. Virgin Islands American Samoa Guam United States Minor Outlying Islands Caribbean Netherlands[11] Unofficial user(s) 12 other countries Afghanistan[1] Aruba Cambodia[2] East Timor[3] Ecuador[4] Lebanon [5] Marshall Islands Federated States of Micronesia Palau Panama[6] Zimbabwe[7] 3 non-U.S. territories British Virgin Islands (UK) Turks and Caicos Islands (UK) Bermuda (UK)[8]

July 18, 2011 at 8:48 pm
(84) Nooch says:

I don’t want to alarm you, but since the ratification of the lisbon treaty, EU is officially a legal entity, can make treaties with world countries, CAN DECLARE WAR (Berlin Plus agreement allow EU to use NATO assets if desired), etc…

EU has actually an army, EUFOR, however it’s still small battlegroups send here or there, but the EU defence is well under construction.

EU has a flag, an anthem, a motto, starts to have animals emblem (the blue tit which is same colors that the flag), but also horse (a strong symbol in europe since indo-europeans rise).

EU is an exclusive hybrid between supranationalism and intergovernmentalism. Brussels is de facto capital. Brussels was named the second most important diplomatic capital of the world after Beijing (and it’s not because of Belgium super powers !…)

EU have agencies that work like ministeries (ministry of environnement, etc)

After the fail of Deutsche Börse to absorb Euronext to create a super european stock exchange, finally germans absorbed whole NYSE-Euronext. Hope it will go well.

And EU is not a country ? *mega laugh* By luck, if you see an US-EU battle in World Trade Organization, do think again of your thoughts ;) (Microsoft did have the heaviest condamnation yet of the organization history…)

“Unity in diversity, strength in many, from bering to bering and arctic to antarctic, god blessed us, we europeans.”

February 20, 2012 at 6:20 pm
(85) Richard miller says:

If the EU is a country, then its about bankrupt.

August 7, 2012 at 9:30 pm
(86) greg says:

lulz, how does that crow taste kimberly? :)

August 8, 2012 at 1:31 pm
(87) useconomy says:

It’s nothing like the comments I’ll get when I announce that China has become the world’s largest economy.

I don’t create the news, I just report it.

Kimberly

November 3, 2012 at 10:56 am
(88) Michael Fox says:

The collapse of the US Dollar will come… When is the big question mark.
The current situation in the US is fictitious. The unemployment statistics are real only if you consider all of the unemployed that are still collecting checks every month from the government. The real unemployment numbers are closer to 25%. The devaluation of the value of the US Dollar is seen every day although no news agency in the US covers it probably because no one understands it. If no one understands then imagine the huge problem we have as a nation. Prices go up everywhere not because things are more expensive, but because the dollar is worth much less. No politician mentions this. Why??? Because most politicians are just politicians… They in the most part get paid by us the taxpayers whom elect derelicts who in the most cases do not work, and receive benefits above and beyond most citizens. They think they are better than the rest, and are not willing to let go of their positions because they think they are really helping out, but in reality they are part of the problem, and the people that elect them are also part of the problem. Once the world realizes that the US Dollar is not what it once used to be they will throw all their US Dollars away and its value will be zero. It’s coming faster than most people realize it. People do not want to accept reality we no longer are # 1. We might become the largest third world country in the world with no credit and all transactions being held only if you have cash, and only if they consider your currency to have any value…

January 28, 2013 at 1:01 am
(89) R says:

Wow this blog has gone on for a while. I haven’t read all of it but one thing I keep seeing is the many commenters who constantly rebuff the notion that the US saved Europe in WWII. True, the Russian Army was the major force involved in the defeat of the German Wehrmacht. But it was the US that drove Germany out of Western Europe and then kept Russia out of Western Europe in the last days of WWII. You all are not paying attention to the real facts. After the War the Russians and the Americans went from being Allies to bitter enemies. If not for the US, Russia would have invaded all of Europe under the guise of routing the Germans. They then would have seized the opportunity to expand their Empire and would have imposed iron-fisted Communist rule over everything just as they had done in Eastern Europe. Had that happened the world today would be a very different place…
Also- don’t forget- it was the US who led an almost insurmountable fight against and defeated the technologically superior Axis everywhere else- North Africa, the Middle East, the Atlantic Ocean, and even South America. All the while we were also fighting the Imperial Japanese. Not to mention all the military equipment that the US manufactured and supplied to all her Allies like the Bell Airacobra attack planes and Studebaker trucks that the Russians used. We did all that in three and a half years. And you all say we didn’t make that much of a difference? Go to Hell. There will never again be another Nation as great as the US in WWII.
I wonder if we’ll ever get mad or scared enough to be that powerful again? To work for a common goal when freedom really is at stake and worry about ourselves later? The whole world was terrified of Hitler and his Third Reich.

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