Mark McHugh

The Cost of Kidding Yourself

In Open Thread on Wednesday, November 28, 2012 at 1:34 pm

Five years ago, every American would have considered a trillion-dollar budget deficit a national tragedy.  If you believe the CNBC parrot show, NOT having a trillion-dollar deficit is now a sure sign of the Apocalypse.  I speak of course of the cleverly dubbed “Fiscal Cliff,” which panicked CNBC apologists are required to mention no less than 5,000 times a day.  We’re told ad nauseam that going over the cliff will drag the US into recession.  Here’s what we’re not told: The US has been in recession 9 of the last 10 years.  It’s in recession this year, and no matter what CNBC’s financial terrorists say or the idiots on Capital Hill decide, it will most certainly be in recession in 2013.

Creating the illusion of economic growth is easy if you can print money.  It’s a prank you can play on an entire country.  Cut the value of the currency in half and the economy’s size will appear to double.  If it doesn’t, you’re in recession (whether you know it or not).   Cavemen probably understood this concept better than America’s best economic minds.

The only way to accurately measure changes in a nation’s economy is to do so relative to the world (see Notes for non-nerds below before protesting).  According to the World Bank, the U.S. represented 31.8% of the world’s economic activity in 2001.  By the end of 2011, that share had dropped to 21.6%, meaning America’s slice of the world economy is 32% smaller than it was a decade ago, and getting smaller every day.  Note that America’s housing bubble did nothing to boost the U.S. on the global stage.

As horrific as these results are, they’re better than Japan’s, whose “lost decade” proved only to be prologue for its “lost-er decade.”  Japan’s share of the world economy fell more than 35% from 2001 to 2011 (literally worse than Zimbabwe) and has now shriveled 54% from its peak.  But Japan’s real collapse did not coincide with the bursting of its stock and real estate bubbles in 1990 and 1991 respectively.  The decline actually began in 1995 when policymakers allowed government debt to exceed 90% of GDP (a milestone the U.S. quietly passed in 2010). 

The more they “fixed” it, the more it broke.  17 years later, the only thing Japan has proved is that smart Japanese economists are about as real as Godzilla.  Time and time again, the country has chosen collapse over admitting failure. On November 19, 2012, Bloomberg reported, “The Japanese government will spend 1 trillion yen ($12.3B) on a second round of fiscal stimulus as it tries to revive an economy at risk of sliding into recession.”  It would be funny if it wasn’t so tragic.

The United Kingdom gets third place in the 2001-2011 major economies’ “Race to Oblivion”, although with a less than 3.5% share of world GDP it’s hard to call this a major economy with a straight face anymore.  While the U.K. printed its way to 24% loss in world GDP, France and Brazil both passed the nation where an actual troy pound of sterling silver now costs about 235 “pounds sterling”.  With government debt expected to reach 88.7% of GDP in 2012, once-Great Britain will soon be seated at the kids’ table at economic summits, if it gets invited at all.

All three of these countries are in death spirals for the same reason:  They believe that they have the ability to avoid recession by simply printing their own money.  As America’s 100-year numbskull (and current Federal Reserve Chairman) Ben Bernanke once mused:

“…the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”

True dat, Ben….unless there’s “cost” associated with turning the nation’s currency into the world’s laughing stock….

Oh wait, there is.  So just for fun, let’s project the last ten years growth rates forward another ten years:

And there you have the real New World Order (sorry Freemasons).  In ten years China’s economy will be bigger than those of the U.S., Japan, and the U.K. combined.  What are the chances they will drink the same kool-aid we are presently guzzling?  Will they need, or even tolerate, the opinions spewed by our pundits and politicians?  And more importantly, will the U.S. dollar still be the world’s reserve currency?

Being a war-mongering banana republic isn’t all it’s cracked up to be, and despite what CNBC’s fast-money fuckwits may think, the stock market is not America’s report card.  Wall Street is the white elephant that America can’t afford to feed anymore and China doesn’t have the slightest interest in buying (just take a look at the Shanghai Composite).   Continuing to yield to its tantrums will undoubtedly destroy us.

Fun Facts:  Total U.S. GDP growth in the 20th century was $9.93 Trillion, while the  government accumulated $5.5 Trillion in debt.  In the 21st century, the US has borrowed $10.7T and has a grand total of $5.30T in GDP growth.

***

Notes for nerds: Most of the calculations presented were derived from data compiled by the World Bank which can be viewed or downloaded here.   World GDP was set to 100% and each country’s percentage determined simply by dividing by world GDP.   Japan’s debt as a percentage of GDP from Fred (225% was used for 2011).  Estimate of U.K.’s 2012 Debt/GDP from here.  U.S. GDP stats from USgovernmentspending.com (2012 estimate adjusted for 2% growth).  US debt from Debt to the Penny.

Notes for non-nerds:  How much World GDP changes from one year to the next depends entirely on what is being used to measure it.  For example, World GDP expanded by 109% from 2002 to 2011 in USD terms, but contracted (-59%) in terms of gold.  Using the Euro would produce different results (+59%), as would using barrels of oil (you figure it out).  Looking at countries relative to World GDP is an honest measure of their changes.  To say that Japan is still growing (at least in terms of Yen), but everyone else is growing much, much faster in terms of Yen distorts the reality that  Japan is undeniably shrinking relative to the world (no matter what currency is used).

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  1. [...] Authored by Mark McHugh via Across The Street blog, [...]

  2. [...] Authored by Mark McHugh via Across The Street blog, [...]

  3. Growing a small number is easier.

  4. Indeed, Terry. Paying off a big one, not so much.

  5. [...] The Cost of Kidding Yourself excerpt: [...]

  6. @ Jerry (who tested my tolerance of the First Amendment, and failed),

    1) You didn’t understand this post even a little bit.

    2) Writing “gofuckyourself@yahoo.com” when asked for your email, doesn’t mean you’ve successfully concealed your identity.

    3) Don’t send venomous emails from work. People get fired for that shit and I doubt you have smarts to find another gig.

    4) Update your resume before bothering me again with your cowardly insults.

  7. [...] great article from Mark McHugh at Across the Street on the economic cost of carrying high national debt and a weakened currency, including this revealing graphic on the shrinking U.S. economic presence relative to World [...]

  8. I am certainly not a socialist, but to appreciate one country GNP with respect to the world GNP and conclude that the country is declining if this ratio is declining, seems a bit imperialistic.

  9. As does borrowing ten trillion to “grow” the economy by five trillion and insisting that it is necessary to continue this madness.

  10. MARK,arizona here,THE LORD says theres going to be a huge famine in america ,that will be the worst the worlds ever seen,everyone must get prepared,NOW,please start warning everyone, ITS coming, the hand writings on the wall,no one will trade gold and silver for anything,AMMO,GUNS and SEEDS will be your greatist bargining tools in a full blown famine,obama is the anti-christ,no one expected a black man to be the anti-christ even though the lord reminded us he would fool everyone,and he has,get ready,and get as close to the LORD as you can,its anyones only HOPE…………………….

  11. IN the middle of a full blown famine,WOULD you trade a bag of pinto beans for a pound of gold? NOT if your smart,your money will buy all kinds of food right now,later it won’t buy anything,and dam sure not anyones food,when the foreign soldiers are patroling the country side looking for patroits and stealing anything they can find,that bag of beans will be worth more then a hundren pounds of gold,get ready now, your out of time……………….

  12. Fine. I’ll get some seeds, Arizona. But I’m pretty sure Obama’s just another sucky President; Nothing more

  13. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  14. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  15. When did the Lord say there would be massive famine in America? Did he tweet it? Damn TheOnion always spamming my Twitter feed so I miss important stuff.

  16. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  17. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  18. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in 2011. That is not [...]

  19. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  [...]

  20. I enjoyed reading this and feels it properly illustrates how bad things are and that no one is talking about it. My husband agrees that things are bad, but had this to say about your figures:
    “He does not understand math. China would be at 9.5T and us at >16T in 2020 if both do the same as past 10 years and yet he projects china to have almost double us. That is ridiculously bad. Statistics needs to be taught in school. They are misused so much to make seemingly convincing cases. Growing from 4-10% is NOT the same as growing from 10-25%”

  21. These numbers say a lot. Continue to trust in our politicians or start trusting in ourselves. Virtuous men need only apply. RE: Ben Franklin, Tom Jefferson, and Sam Adams types.

  22. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in 2011. That is not [...]

  23. Hi Lulu,

    Thanks for your kind words. I fully expected the kind of arguments put forth by your husband, and tried to address them in the “Notes for non-nerds” footnote. Certainly one of us does not understand math and statistics. If you want to talk nominal USD terms (which I really don’t and tried to explain why) China grew from 1.32T in 2001 to 7.32T in 2011. That’s 454% growth (18.7% compounded annually). While the US grew from 10.2T to 15.1T 48% growth (4.02% annually, which incidently, we aren’t even going to come close to 2012). If those growt rates continue:

    China – 7.32 * 5.54 = 40.55T
    U.S. – 15.1 * 1.48 = 22.34T

    China will easily pass 9.5T in 2013. Take a look at this chart:

    http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_mktp_cd&idim=country:CHN&dl=en&hl=en&q=china+gdp

    Of course China’s not really growing at 18%, but China is growing rapidly and the US is actually shrinking (yes, Im’sure). The point of this piece is that countries who can print their own currecy to create the illusion of growth have no incentive to address their underlying problems, so they get even worse faster. With 225% debt/GDP, Japan’s toast.

    I’m not interested in making a “convincing case,” I’m interested in telling the truth. Japan refused to recognize the mathematical realities staring it in the face and I assure you we are doing the same. We borrow 8% of GDP for 2% GDP “growth.” That’s a recipe for disaster.

    I don’t know what else to say, but I torture the numbers before I publish.

  24. And this is why I want to move out of the US. Hyper-inflation will come, our dollar won’t be worth shit, the middle class will carry the burden as they always do. I spent part of my childhood in Taiwan and learned to speak Mandarin. 21 years ago my best friend’s mother (who was Taiwanese) told me to never forget my Chinese and to always study it and when I had children to teach it to them because one day China would be the superpower. I have told people that story for decades and they laughed at me. They aren’t laughing anymore.

  25. We’re the joke now.

    Just to be clear, I don’t despise China, nor do I begrudge them their success. It’s the intellectual dishonesty of the “old guard” (US, Japan, UK) I detest. If 5% of the world’s population wants to consume 25% of the world’s goods, they’ve either got to:

    a) Produce 25% of the world’s goods themselves, or
    b) Lower expectations.

    There was a time that America BOTH produced and consumed a great deal of the worls’s stuff, but this idea of borrowing and debasing the currency to continue consuming like crazy when you aren’t producing anymore is nothing short of suicidal. The saddest part is the unbearable burdens being placed on future generations. I wouldn’t wish it on any nation’s children, let alone my own.

  26. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  27. [...] that America is in decline…#1 According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 [...]

  28. The US has been in recession 9 of the last 10 years. It’s in recession this year, and no matter what CNBC’s financial terrorists say or the idiots on Capital Hill decide, it will most certainly be in recession in 2013.

    Yeah I know. But I don’t personally know anybody else who knows this. Maybe that’s because I live and work among the working poor in Louisiana. But my sister is married to a professor and lives in a big city and her family and friends are also clueless. Western Capitalism is not just in decline. It is collapsing as we speak. The petro-dollar is history. Remember how the Soviet Union seemed to fall overnight? The collapse was devastating to the common people and they already knew how to be poor. Americans will be blind sided and our rulers will blame the Persians and/or Islam. Or they might blame China Mark.

    Government is not the problem. Bad government is the problem. Neither is fiat money the problem. Debt money is the problem. But that is only an obituary.

    Have you given any thought to what post-imperial America will look like after the dust settles? I feel quite certain we will balkanize. Nobody will want to be ruled by Washington.

    I don’t know how you spend your time Mark. Probably making money or making whoopee. I wish you spent more time writing because you have a talent for making things clear for us non-nerds. So thanks and good luck. Oh! And KEEP THE CAVE MEN.

  29. [...] Here is a huge contributor: As reported by the World Bank, government statistics collected from around the world—and pretty much everyone agrees that government stats are just a bit biased to the upside—say that the global economy grew by a total of 9% from 2001 through 2011. By those same stats, in 2001, the US economy was 32% of the total world economy. By 2011, the US economy was just 22% of the world economy. That’s a huge 32% reduction in global market share for the US. These calcs are here. [...]

  30. Working Class,

    Thanks very, very much. I write this stuff hoping to connect in terms ordinary people will understand while not boring them to death. Writing isn’t easy for me (I’m embarassed to say how much time goes into a piece like this), so it makes me very happy to know you enjoyed it and would look forward to more. Seriously, it means A LOT. Note: You write quite well yourself.

    What’s going on really isn’t complicated, most people just don’t want to be bothered thinking about it.

    “Government is not the problem. Bad government is the problem. Neither is fiat money the problem. Debt money is the problem.”I totally agree. I’ve said before, I’m not an ideologue, fanatic or a purist. (Hard money and bare-bones government have problems too).

    “Have you given any thought to what post-imperial America will look like after the dust settles? I feel quite certain we will balkanize. Nobody will want to be ruled by Washington.”

    I have not. I’m afraid to. I must agree balkanization seems very likely; probably the best option we could hope for. Competing systems might help us re-learn that the founding fathers were light-years smarter than anyone gives them credit for today (incidentally, Jefferson’s my favorite).

    I guess I’m still clinging to the hope that we won’t let it come to that, but intellectually I think we will. Maybe that’s why I don’t write so often.

    Thanks again.

  31. “I write this stuff hoping to connect in terms ordinary people will understand while not boring them to death.”

    It’s working. I call it clarity and it’s what I come here for.

  32. I totally agree the petro-dollar is gone. Mention it to most people and they have no clue what it is, how it works and why the US dollar is the world currency. Things are changing rapidly. China is the world’s largest consumer of oil and they stopped using our dollar to purchase; this occured months ago and received no mainstream media coverage. Russia has agreed to supply China with as much oil as they desire. Our dollar took a major hit and no one is talking about it.

    China sold off US treasury bonds to Japan recently, making Japan the largest foreign holder of US debt. Again, something is brewing.

    How long can we print monopoly money and expect the world to go along with it? Germany has already asked the federal reserve to see their gold. I mean, it’s getting ridiculous.

    China could crush our economy today if they wanted as the majority of our goods are imported from them. The problem is, they need us also…for now. The entire world is shifting, countries that were considered 3rd world 20 years ago are booming now. China won’t need us much longer. Where does this leave us as a nation?

    My husband is a huge math nerd, btw., and I had sent him your post via text message and he read it on his iPhone and misread your years so he said that’s why he mixed up the data. Though he did say your math is slightly off, but very close to being accurate. At any rate, he apologized for his initial statement.

  33. Thanks, Lulu.

    “Slightly off” is a label I’ve already learned to live with.

  34. [...] the White House.  They don’t seem to care that the U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in 2011.  They don’t seem to care that more good paying jobs are [...]

  35. [...] the White House.  They don’t seem to care that the U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percentin 2011.  They don’t seem to care that more good paying jobs are [...]

  36. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  37. [...] USAs andel av verdens totale BNP har falt fra 31,8% i 2001 til 21,6% i [...]

  38. Great article Mark, and some very good comments. It is good to see people waking up.

    Merry Christmas!!!

  39. Thanks. Gomp!

    Merry Christmas!

  40. [...] U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in [...]

  41. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  42. [...] U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in [...]

  43. [...] #26 When the final statistics for 2013 are compiled, U.S. share of global GDP will be less than 20 percent for the first time in modern history.  Back in the year 2001, our share of global GDP was 31.8 percent. [...]

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  47. [...] #26 When the final statistics for 2013 are compiled, U.S. share of global GDP will be less than 20 percent for the first time in modern history.  Back in the year 2001, our share of global GDP was 31.8 percent. [...]

  48. [...] Podem ler o artigo todo aqui (em inglês): The Cost of Kidding Yourself. [...]

  49. [...] Podem ler o artigo todo aqui (em inglês): The Cost of Kidding Yourself. [...]

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  51. [...] #26 When the final statistics for 2013 are compiled, U.S. share of global GDP will be less than 20 percent for the first time in modern history.  Back in the year 2001, our share of global GDP was 31.8 percent. [...]

  52. [...] The U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in [...]

  53. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number declined steadily over the course of the [...]

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  74. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

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  76. [...] via The Cost of Kidding Yourself « Across the Street. [...]

  77. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

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  79. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  80. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  81. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  82. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  83. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  84. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

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  86. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  87. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  88. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  [...]

  89. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  90. [...] to produce wealth continues to decline. According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in 2011. That is not [...]

  91. [...] following 3 charts show the real state of the economy, a condition which will not be fixed by [...]

  92. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  93. [...] to t'Worl Bank, U.S. GDP accountd fer 31.8 persent o'all global ekunomic activitee n' 2001. At numb'r droppd to 21.6 persent n' 2011. At is nairy jes [...]

  94. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  95. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  96. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  97. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  98. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  99. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  100. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number declined steadily over the course of the [...]

  101. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  102. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  103. [...] 20. The United States actually has plenty of oil and we should not have to import oil from the Middl… [...]

  104. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in 2011. That is not [...]

  105. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  106. [...] #26 When the final statistics for 2013 are compiled, U.S. share of global GDP will be less than 20 percent for the first time in modern history.  Back in the year 2001, our share of global GDP was 31.8 percent. [...]

  107. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  108. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  109. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  110. [...] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  111. [...] U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in [...]

  112. [...] in the White House.  They don’t seem to care that the U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in 2011.  They don’t seem to care that more good paying jobs are being [...]

  113. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That [...]

  114. [...] The U.S. share of global GDP has fallen from 31.8 percent in 2001 to 21.6 percent in [...]

  115. [...] 2001, the United States represented 31.8 percent of the world’s economic activity.  By the end of 2011, that share had dropped to 21.6% in 2011, [...]

  116. [...] 2001, the United States represented 31.8 percent of the world’s economic activity.  By the end of 2011, that share had dropped to 21.6% in 2011, [...]

  117. [...] 2001, the United States represented 31.8 percent of the world’s economic activity.  By the end of 2011, that share had dropped to 21.6% in 2011, [...]

  118. [...] #26 When the final statistics for 2013 are compiled, U.S. share of global GDP will be less than 20 percent for the first time in modern history.  Back in the year 2001, our share of global GDP was 31.8 percent. [...]

  119. [...] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011.  That is [...]

  120. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number declined steadily over the course of the […]

  121. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  122. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  123. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  124. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  125. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  126. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  127. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  128. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  129. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  130. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  131. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  132. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  133. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  134. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  135. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  136. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  137. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  138. […] According to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  139. […] According to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  140. […] According to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  141. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  142. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  143. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  144. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  145. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  146. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  147. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  148. […] Today it is over 56 trillion dollars… #7 According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in 2011. #8 The United […]

  149. […] According to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  150. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  151. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in […]

  152. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  153. […] According to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  154. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  155. […] it is over 56 trillion dollars… #7 According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in 2011. #8 The […]

  156. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  157. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  158. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  159. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  160. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  161. […] Today it is over 56 trillion dollars… #7 According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001. That number dropped to 21.6 percent in 2011. #8 The […]

  162. […] Laut der Weltbank belief sich das US-BIP 2001 noch auf 31,8% der gesamten weltweiten Wirtschaftsleistung. Bis 2011 war dieser Anteil bereits auf 21,6% […]

  163. […] to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  164. […] to the World Bank, U.S. GDP accounted for 31.8 percentof all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  165. […] According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number dropped to 21.6 percent in […]

  166. Reblogged this on This Got My Attention and commented:
    Gangbusters, huh?

  167. […] 7 Selon la Banque mondiale, le PIB américain représentaient 31,8 pour cent de toute l’activité économique mondiale en 2001. Ce nombre a chuté à 21,6 pour […]

  168. wow…what an article and what a thread! Mark…you so bring out the brain in people. Most people that I know now know who you are… and thanks again for your works. Great but too little, too late I am afraid. Here’s my two cents to the cost of kidding ( someone other than us )

    The Cost of;: Few of Mark’s so called “Six-packers” can fully grasp the true value of two digits in front of 12 zeroes. One thing they do represent is treason. Rope for ones that were supposed to be there represent We The People and I can only hope they remember that every dog has his day. In words of the late George Carling: “the only way to win at the political game is to not play it.” When you are forced onto on the same O-treasonous team and setting on the sidelines watching this slow motion train wreck it is truly painful.

    This is no Chicken Little fable folks because the sky really is falling this time. The Humpty Dumpty Petro Dollar days are indeed numbered too and when time comes to run ask this Lil Red Hen for some rice and beans … suck it! Strong buy on beans and rice people.

    The way I see it coming is according to what Kondratiev had observed and the day is closing in and at warp speed now. There is no other way out as you cannot fix stupid or fix the global worthless Fiat currencies that are all insolvent nor the underhanded deals to try and make it appear peachy. Ships made from nets just don’t float.

    It will get REAL F’N BAD before it gets any better. The end result of the American Dream fairy tale will have the same last scene like when some redneck passes the beer to his co-pilot and says “hey, watch this shit” or more like when Boudreaux and Thibodaux were teamed up to dive trucks cross country hauling dynamite and then the brakes went out while descending a mountain pass. Thibodaux said “hey Beauxdreau, wake up, the brakes are out and you ain’t never seen a wreck like the one we’re fixin’ to have”.

    Indeed it will be BIBLICAL and will be showing at a location near you soon.

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