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Channel: Has China ALREADY Passed the U.S. as the World’s Largest Economy?
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That's easy, no! We droped

That's easy, no! We droped below/behind China...

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Ha, measuring economies in

Ha, measuring economies in USD.  Classic!  Using a Fed measuring stick is so ... backward looking.

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  Dagong, the Chinese rating

 Dagong, the Chinese rating agency, has been claiming for a while that the US GDP is much smaller than $15 trillion:"In the components of the U.S. GDP in 2009, the financial services sector accounted...

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Perhaps there are other

Perhaps there are other measuring sticks ... although, of course, I am not pro-gold standard, because that would make me a terrorist!!!

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George, I normally like

George, I normally like reading your stuff.  This was not one of those times.  What is the point of this back and forth?  Anything I can trade here?

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Not sure I'd want to believe

Not sure I'd want to believe anything from China.

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Thanks! I'll add to the main

Thanks! I'll add to the main post ...

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Not sure that anything in

Not sure that anything in China is going to give accurate numbers about anyone, much less the US or China.

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You can bet that American

You can bet that American institutions like the BLS, the Fed, the US Congress, CNBC, Bloomberg, the mainstream media, Goldman Sachs, J.P. Morgan and assorted others are always telling the truth.  

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Actually it's wrong. The rich

Actually it's wrong. The rich chinese now want to buy the western prized articles => quality goods which only few can buy. So this breaks your thesis. I've been to china a few times, I've been...

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So many of the "Private

So many of the "Private Companies" in the US are really just extensions of the government through entitlements like Medicare and Medicaid that it is hard to tell how good the economy really it.  One...

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I LOVE THIS. whenever I write

I LOVE THIS. whenever I write about China and how it has cheated to keep its exchange rate too low I get howls of protests. But here is that same point pressed into service to show that with a properly...

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are these the same economist

are these the same economist that didn't see the stock bubble in 1999 AND the RE bubble in 2005?

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We'll just have bernanke

We'll just have bernanke print up some GDP

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GDP is nonsense, as is PPP.

GDP is nonsense, as is PPP. Per von Mises in Human Action,"it is nonsensical to reckon national income or national wealth. As soon as we embark upon considerations foreign to the reasoning of a man...

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While purchasing power parity

While purchasing power parity is disputable, Von Hayek defines currency from its relationship with commodities (Denationalization of money). From that standpoint it is apparent that the activities of...

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No.

No.

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GDP is a stupid concept.  The

GDP is a stupid concept.  The only thing that counts is how much the citizens can purchase for themselves.  What you get for the U.S. is about $4-5 trillion.  That number comes from the Gross National...

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Pimping your book a lot today

Pimping your book a lot today Mr Costello.Bargain, only $13.49(will you pay me some commission please?)

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Are you Chinese? It sounds

Are you Chinese? It sounds like your post was translated from Chinese into English.>Von Hayek defines currency from its relationship with commodities (Denationalization of money).Where does he do...

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If only the dollar would

If only the dollar would crash according to the great plan, all of the offshored companies would re-onshore because they  find it cheaper to produce back in the U.S. and the world would buy our stuff...

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a couple of points - the usa

a couple of points - the usa black market is at least as large as the chinese, so that factor is probably a wash...the bigger problem is definitional....the chinese measure gdp by production whereas...

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GW always enjoy reading

GW always enjoy reading Pettis work,thanks for re posting it.Was curious about this Heston dude and the Penn World Table (yeah I'm an engineering geek trying to broaden my horizons...) anyways,"These...

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the US has been stripped

the US has been stripped clean, starting after 1971, 80's military buildup and deficit spending started, it's been bubble blowing since and easy money/credit and record debts

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GDP...I get so sick of seeing

GDP...I get so sick of seeing it."The welfare of a nation, can scarcely be inferred from a measurement of national income as defined above."-Simon KuznetsHe was talking about the GDP measure he had...

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I like your blog so don't

I like your blog so don't take me wrong, however if their exchange rate was priced in equitable terms with the USD then they would have a shitty export business and be alot poorer than they are now....

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Amen brutha. I see GDP as a

Amen brutha. I see GDP as a street huckster shell game meets Kabuki theatre. Distraction, deflection and obfuscation.

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Why is purchasing parity

Why is purchasing parity deviating a lot now and its link to trade deficit: Currency school answerMembers of the currency school argued that even a fully, legally convertible currency could be issued...

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Very much so...and the

Very much so...and the "street huckster shell game" grows larger everyday.Now, its come to the point where the "game" comprises a third of "GDP" and the mini-me hucksters try to make some ridiculous...

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SD, not sure why you got two

SD, not sure why you got two down arrows, but after 14 trips to China since 91' (am in Suzhou now), including 10 in the last 2 years I'd have to agree with you. Just about western anything means...

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Indeed. On a side note, I

Indeed. On a side note, I have always enjoyed your posts nmewn, you do a good job of lacing a salient point with sarcastic wit. Makes for a pleasurable read. 

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Bubble you have, should China

Bubble you have, should China float the Yuan the last thing holding the dollar would break. The last thing holding the dollar against commodities is the USD peg to Yuan, because if China drops...

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Do not assume Pettis is

Do not assume Pettis is naive, there are several ways to read his posts, when he argues that the best trade right now is the Yuan it is really a smart way to avoid the pop following the US inflationary...

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Why thank you and I return

Why thank you and I return the compliment.Yours are always informative and lead me in directions I need to explore more fully. Myself, I try to be humurous about it all, without being too cynical,...

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