Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Joined: Apr 28, 2006 Posts: 2897 Location: East Texas
Posted: Sun Aug 13, 2006 4:33 pm Post subject: Re: Current Account Balance Ranking by Country - 2006
Current Account balance includes aid payments made into a country. _________________ abundance fleeting
men falling like hungry leaves
decay masters all
Posted: Sun Aug 13, 2006 4:36 pm Post subject: Re: Current Account Balance Ranking by Country - 2006
Quote:
147 Spain -$64,620,000,000
148 United States -$829,100,000,000
HAHAHHA. You gotta love this. The US has the worst account balance of any nation. The second worst (Spain) has a TOTAL deficit equal to our trade deficit for one month!!!
Which leads me to ask: are they sure they aren't missing a few zeros for the US? _________________ I want to put out the fires of Hell, and burn down the rewards of Paradise. They block the way to God. I do not want to worship from fear of punishment or for the promise of reward, but simply for the love of God. - Rabia
Joined: Apr 28, 2006 Posts: 2897 Location: East Texas
Posted: Sun Aug 13, 2006 4:40 pm Post subject: Re: Current Account Balance Ranking by Country - 2006
mekrob wrote:
Quote:
147 Spain -$64,620,000,000
148 United States -$829,100,000,000
HAHAHHA. You gotta love this. The US has the worst account balance of any nation. The second worst (Spain) has a TOTAL deficit equal to our trade deficit for one month!!!
Which leads me to ask: are they sure they aren't missing a few zeros for the US?
You know though, eventually those dollars have to buy something other than T-bills. Thats 829 billion dollars worth of liquidity out there that makes us depression-deflation proof.
Just trying to get out of the gloomy doomer mode for a moment or two... _________________ abundance fleeting
men falling like hungry leaves
decay masters all
Joined: Sep 25, 2004 Posts: 4720 Location: Boston, MA
Posted: Sun Aug 13, 2006 6:03 pm Post subject: Re: Current Account Balance Ranking by Country - 2006
United States ($2,778.07)
China $98.25
Japan $1,241.92
India ($12.04)
Germany $1,453.49
United Kingdom ($633.57)
France ($494.61)
Italy ($475.11)
Russia $625.01
Brazil $55.40
Canada $510.29
Mexico ($83.49)
Spain ($1,599.59)
Korea, South $307.70
Indonesia $9.37
Australia ($2,028.22)
Taiwan $652.45
Turkey ($312.44)
Iran $119.07
I put the +-$1000 or more per capita current account deficits in bold.
This looks bad for the USA.
New Zealand didn't make the top 19 list but it does have a considerable per capita trade deficit of nearly $2,200 a year.
These 19 top economies represent a little more than half of the planet's population.
But they also represent nearly 80% of global GDP.
The net current account surplus of all of the top 19 economies combined is $380 billion dollars a year.
Thus, the top 19 countries suck 2.2% of all GDP from the rest of the world. (About $110 a person).
Not surprisingly, most of the countries in the top 19 list are either at the top of the current account surplus list or at the bottom. _________________ "www.peakoil.com is the Myspace of the Apocalypse."
Posted: Sun Aug 13, 2006 7:10 pm Post subject: Re: Current Account Balance Ranking by Country - 2006
Thanks Tyler.
Some people call the EU the world's largest economy, so here's the number for the EU25:
-total: -$41,604,000,000
-per capita: -$91
Now since Britain is Europe's pain in the p00per, let's look at the €urozone countries ("real Europe", without les Britaniques bizarres):
-total: -$1,481,000,000
-per capita: -$4.8
In short, the €urozone performs much better. It is time the Brits leave their foggy island mentality behind and join the €uro. Else, they should leave the EU and become a US state. With their deficit, they should feel very welcome at the other side of the pond. And nobody would notice the difference (except we euros - "old" euros, that is; "old" and "better performing" euros, that is.) _________________ The Beginning is Near!
Posted: Mon Aug 14, 2006 1:36 am Post subject: Re: Current Account Balance Ranking by Country - 2006
we should thank americans, that they make so large debts ...
this is driving the global economy ...
since oil will soon be replaced its not that they steal something from others, no, with their pressure they help to develope more sustainable forms of energy
Posted: Mon Aug 14, 2006 3:30 am Post subject: Re: Current Account Balance Ranking by Country - 2006
Thanks for the data NTBKtrader and the analysis Tyler_JC. The US does consume 70% of the world's current account surpluses, and there is a high correlation between Anglo-Saxen, but also some other countries, who have experienced housing booms and therefore have also accumulated trade and therefore current account deficits as well as America. There seems to be a clear link between the ease of extracting value from rising home values and decifits. Well, we all know how that ends....
Quote:
Before doing that though, let me just say that Lex might want to look at the evolution of the eurozone’s trade balance with China before arguing that exchange rate changes don't matter.
It is a natural test. The RMB has been stable against the dollar for some time, but it has been anything but stable against the euro. And it seems pretty clear to me that the acceleration in Chinese export growth to Europe in 03 and 04 followed directly from the RMB’s depreciation against the euro from 2002 on. China now exports about as much to Europe as to the US – and runs a significant bilateral surplus with the eurozone. The ECB puts out the data in table 7.6 of its monthly bulletin; it sure seems to me like the eurozone’s deficit with China went from around euro 30b in 2002 to euro 75b in 2005, largely because imports from China rose from a bit over euro 60b to a bit under euro 120b in three years.
What of the $/ euro? Lex argues that the dollar’s depreciation against the euro has had no impact on the US bilateral deficit with Europe. That certainly seems to be the case if you eyeball the data.
the euro/ dollar does matter _________________ The organized state is a wonderful invention whereby everyone can live at someone else's expense.
Posted: Mon Aug 14, 2006 4:17 am Post subject: Re: Current Account Balance Ranking by Country - 2006
Christ!
I knew Spain was screwed. I didn't know it was THAT screwed. Number 2 deficit after the States!
Does this mean that when the economy crashes, Spain will be the European country hit the hardest? I'm also thinking that a lot of the money coming into Spain has been traditionally tourism. And logically, one of the first things that people ditch if they are short of money is holidays.
What do you suggest for Spanish people to do to protect themselves from a possible crash?
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You mean it is possible to run a country at a profit?
This is interesting.
(except we euros - "old" euros, that is; "old" and "better performing" euros, that is.)
