Why shouldn't we use the USD? The world quotes oil in USD. A quarter of the worlds GDP is because of the USD. We are the worlds reserve currency, are we not? I mean, if you're going to use a countries own currency to project their own GDP, then countries with hyperinflation would look like they're doing great. Maybe we should value it in gold then? The GDP of those countries would only seem to drop by about 5% then, but on the other hand, the GDP of the US would seem to have gained 13%+ by that same standard.
Yeah, the two countries in his list that actually did have a decrease in GDB were Canada and Norway, both of which are heavily dependent on oil, which fell 70% during that period, for their GDP. An intelligent guess would be that this contributed to that GDP fall far more than their social policy, but then that wouldn't be blindly and idiotically partisan now would it?
By that standard, from 2001 to 2008 the US "lost" 44% in GDP because that's how much the dollar depreciated against the Euro. I didn't like Bush, but I'm not going to blame him for a 44% drop in GDP which didn't happen, just because I have a facile understanding of macroeconomics like you. By the way, still waiting for your data source. Put up or shut up my friend, you don't get to just make shit up and then pretend you didn't. And the U.S. makes up 15% of the world's GDP, not 25% (http://www.economywatch.com/economic-statistics/economic-indicators/GDP_Share_of_World_Total_PPP/). You've got a pretty tenuous grasp on facts and a pathological need to make shit up, don't you?
Bi-partisan? We have no bi-partisanship. LOL We have multi-party parliamentary system. But poor Norway, Quebec and Scotland, the two regions that were looking to separate were looking up to Norway as the model of how a relatively small country can be economically independent with sound management of natural resources. I guess Scotland, looking at hindsight, is glad that it didn't separate. Imagine if it separated and now it's 70% dependent on oil...
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP) List by the International Monetary Fund (Estimates for 2017) Rank Country GDP (millions of Int$) --- World 125,773,760 1 China 23,066,062 — European Union[n 1] 20,745,308 2 United States 19,377,145
@peilthetraveler I'm all for the right and Trump, but bro you sound like a butthurt Kellyanne Conway. TL;DR: Blah blah blah whine whine bitch bitch. "Hurt feelings"
Well, the correct question is why should you use USD, actually. It's a totally arbitrary choice, regardless of whether it's used for quoting oil prices. I mean what happens when you use USD and it actually depreciates vs the other world currencies, like it did in 2010 (arnd 10% from peak to trough). Does that mean that US GDP contracted 10% during this period? Same logic applies to gold. And no, countries with hyperinflation will not look great, since what matters is the YoY change in real, not nominal GDP. A more appropriate methodology would be to use a basket of currencies that represents the country's trading partners. An even more robust methodology which is used more commonly by economists in the context of comparing growth in different regions is to use Purchasing Power Parity (PPP).
That of course is complete bogus. You need to look at GDP @ PPP: http://www.tradingeconomics.com/sweden/gdp-per-capita-ppp
It's not arbitrary. USD is the most used currency in any financial transaction. More than a dozen countries peg their currency to the USD. If gold is not being manipulated, it would be a much better indicator of if a countries GDP is growing or shrinking. In 2010 a lot of people were going out of business. People with 4 year degrees were going to work at Jack-in-the-box. Our GDP probably shrank a lot worse than the government let on in 2010. Obama was pumping over a trillion dollars extra per year into the economy to try to get the GDP to seem more "stable".
Nobody denies London fix wasn't being gamed, however your credibility is tanking by the minute here. There's conspiracies and then there's tinfoil hat goldbugs.