Is It A Good Thing For Ordinary Americans If The US Loses Reserve Currency Status?

Mises Institute ^ | 05/04/2023 | Ryan McMaken

[Georgia Girl 2]

It doesn’t matter as we are soon going to be in an international banking system where everyone’s currency will be backed by hard assets. There will be a one for one exchange between the currencies. The dollar is soon going to be replaced by the US Treasury note which will be gold/silver backed. We are all going to be BRICs. That’s why you are watching the Current banking system collapse.

[Alas Babylon!]

Thanks for that. What I meant was GDP per Capita, but grabbed the wrong page (see my close).

First, what does GDP per Capita mean?

The most widely used measure of the material standard of living is Gross Domestic Product (GDP) per capita, adjusted for changes in the price level (inflation or deflation). This measure, real GDP per capita, reflects only economic activities that flow through markets, omitting productive endeavors unrecorded in market exchanges, such a preparing meals at home or maintenance done by the homeowner. It ignores work effort required to produce income and does not consider conditions surrounding the work environment, which might affect health and safety. Crime, pollution, and congestion, which many people consider important to their quality of life, are also excluded from GDP. Moreover technological change, relative prices and tastes affect the course of GDP and the products and services that it includes, which creates what economists call an “index number” problem that is not readily solvable. Nevertheless most economists believe that real GDP per capita does summarize or otherwise quantify important aspects of the average availability of goods and services.

This is the Traditional definition of Gross Domestic Product per Capita. The United States led this until the 1980s. It does NOT include other things like house size, rooms and stuff you allude to because that is not GDP per Capita. Note that this definition does NOT include social, environmental, crime and other (usually Leftist-inspired) values. Here the USA rank is 5 in the world, much higher than our ranking of Standard of Living, because it doesn't contain all that political stuff.

Regardless of these ranks, what I still think makes the USA's ranking so spectacular is due to factors such as the size, in population, of the country as opposed to 1-4, also, the USA is so much more diverse in population, unlike the top four's homogenous (and tiny) populations.

Therefore, after considering ALL of this, I now mostly agree with you. America really leads the world in the benefit of their people. These other countries can brag, but they'd fall apart in a minute if they had to deal with our size and so many people form so many places in one nation.

[Renfrew]

Good points. People in Norway and Switzerland do live very well, but they are small countries that are rich from providing services to the rest of Europe.

Sort of like how Alaska and Connecticut are wealthier than the rest of the USA.

[fr_freak]

I think that you are overlooking one important point: Russia started this shooting war.

If Russia was using Mexico as its personal playground, the USA would be freaking out, too. Russia may not be the good guys, but neither is the US government. The US government uses military and economic influence to force perversion and corruption around the world, not to mention that having Ukraine as a NATO puppet is a direct threat to Russia's security. The US appears to be prolonging the war as long as it can, even hindering any peace talks between Ukraine and Russia. That puts blood on their hands, too.

[nitzy]

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