Zerohedge ran a piece this morning which sounds earily like the arguments I
have been making on U.S. GDP. The argument of course being that its fake.
Any real common sense check and balance against real economic numbers tells
you this. In the case of this piece, its imported oil. China is close to
overtaking the U.S. on this metric yet the GDP of China is not
even half that of the United States.
Another example. The U.S. is the world’s largest manufacturer yet China
produces ten times the amount of steel and 3 times as many cars. They have
400 million people working in manufacturing compared to 12 million in the
U.S. The U.S. can never fix its problems until it starts to
reason again and drop the over-optimistic bullshit.
From Zero Hedge
Spot The Superpower
We came across this rather telling chart showing the net petroleum imports
of the US and China. We present it on a standalone basis, as the price of
oil, and certainly gas, will once again become a key sticking point in the
days and weeks ahead, as always happens whenever there is either global
coordinated monetary intervention, or relentless jawboning thereof.
To present some context to the chart, which forecasts China overtaking
the US and becoming the world’s largest net oil importer in the world,
the official US GDP number presented for public consumption is just under
$16 trillion (or 98% of US debt), while China’s is, publicly, less than
half this number.