LOL Bring on those 850 billion dollar trade deficits, BABY!!!! Do you run up your credit cards in a similar way? Do you maintain a balance of $50,000 on them so that credit card companies are always getting interest payments from you? Well, that's what we do internationally. We buy all kinds of Chinese/Asian manufacturers and we put it on our charge card. We pay interest on this debt. The interest is paid to foreigners. A serious industrialized nation doesn't do this. Japan doesn't do this nor does Germany. And they import more oil/energy than we do
Our oil imports are a growing part of our trade deficit
We are the world biggest producer and consumer and that is why the whole world economy greatly depends on us. We are the WORLD.
File that remark under the USA is an importing super power. A super power in running up debt to the Chinese and other foreigners
The credit card analysis is stupid. Whether we import or we export Americans are making money and getting jobs. Again you cannot dispute the facts of low unemployment and very good GDP growth, the best standards of living in the world, and of course the largest, most advanced, and most technological economy on the planet. You can twist and spin it and use all the silly analogies that you want, but these four economic facts are what really matter.
Maybe you can finally explain to jveritas and me how a trade deficit creates debt. If I buy a DVD player made in Japan at Best Buy with cash, I am contributing to the current account deficit but no debt is being created for anyone involved. If I charge it on my Citibank Visa card, don't I owe that money to Citibank and not Japan? Didn't Citibank lend it to me?
A serious industrialized nation doesn't do this. Japan doesn't do this nor does Germany.
LOL. Japan's external debt is 170% of their annual GDP - almost three times more than ours. Germany has no GDP growth and 12% unemployment. Whatever are you talking about?
Jveritas, there is such a thing as being excessively and improperly proud of your country.