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Interactive Comparison Of GDP: America vs The World
Curious how the US, on a state by state basis, stacks up against the rest of the world, in terms of economic (and population) prowess? The following interactive graphic from the Economist should answer all questions about what state is equivalent to what country. With some surprises: as the Economist points out: "Who would have thought that, despite years of auto-industry hardship, the economy of Michigan is still the same size as Taiwan's?" On the other hand Montana Grungeville being equal to Greece in GDP - that we could live with...
h/t Peter Eller
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not sure tyler covered this yet, but for all those purchasing assets in anticipation for the elusive, ever anticipated, but never emancipated qe3, it aint happening anytime soon.........
the dove has been eaten by the hawk................
http://www.bloomberg.com/news/2012-01-08/fed-official-says-new-quantitative-easing-unlikely.html
Actually we did. Here's the bottom line:
i) Bullard is a non-voting FOMC member. What he says has no bearing at all.
ii) What Bullard wants is inflation targeting which is 10 times worse than QE.
Yup Tyler. He ominously said that we are near implementing inflation targeting. That's why I reported here Thursday. I thought that the shear mention of this indicates an unacceptable level of Fed irresponsibility and a complete break with reality
Well, that, ZIRP fo' evah, and the litany of other shit put on for show.
CA is like Italy in more ways than one.
And Illinois is a Turkey in all sense of the word.
Wine punchers from Italy never managed to sell the shit worldwide ...
:-P
HA, Alabama is the same as Nigeria. I took a wrong turn on the Interstate in Mobile once and I thought I was IN Nigeria.
Did they speak click?
LMFAO
Our economy is in the worst shapes it's probably ever been in. What these graphs don't show is the total lack of dynamism for the bulk of our..."promised land." From my time out West Washington State and Oregon still had a lot of energy to them despite the collapse. Utah was okay, too. Vegas? Dead. Los Angeles? Miraculously recovering. Texas? "Cranky Old Geezer." Oklahoma? Poised for a moon shot. The rest? Pretty much a total wreck. Despite that i couldn't think of worse possible time to be looking for a fight with "Da 'Mericans." So many young men laying around with nothing to do. And a military that knows exactly what to do with them once they've been..."rounded up."
They should have normalized GDP on a per-capita basis.
Indeed, I would say that the entire premise of this shallow, flippant article was utterly meaningless as presented, but in actually there was no rational premise to it at all. Merely looking at gross GDP, and not per-capita GDP, is stupidly comparing apples to oranges. What a waste of time this "article" was.
Tyler(s), you can do better than repost this kind of crap.
> Montana being equivalent to Greece in GDP, now that we could live with.
I could too. But it's the part about ZH not being able to disccern Montana from Washington State on a map that worries me some...
xPat
When in doubt, move to Washington...........either one.
Maybe it was written by the Tyler who was educated in Central Europe.
Could you point out Lichtenstein without benefit of a label? Distinguish between Azerbaijan and Georgia?
If you were a stamp collector you'd know where they are. Does Lichtenstein have a capital? I think it is more like a private reserve than a country. They exported really nice stamps!
Vaduz.
They make their living hiding other people's money.
There are more cattle than people in Montana. Speak's volume's for the dept Greece has drawn.
Someone once pointed out that true GDP should not include government activity, as it is the private sector which produces the governments income.
With that said, charts like this, although of interest in an entertainment kind of way, builds false pride and we all knows what happens after pride goeth, don't we?
Interesting to see how the bulk of responders are clearly trapped in the failed paradigm of an economic theory that has been proven completely false over the last 30 years.
Yes. The sheeple still buy into it, although with markedly less gusto and a hint of doubt. But there's no clear alternative being presented. Yet.
We're locked in to a collision course with reality. The reality we pretty much all know is coming. It's inevitable. Quick, here's a hole in the sand. Stick your head in it. On the bright side, some of us will know it's simply time to change direction
I'm scaling in long gold, long silver, long oil, long dollar (for now), short euro, short stocks. When QE3 happens I'll reverse the last 3 so I'm long everything but the dollar. Everything else is noise.
A giantic country like Russia is matched in output by Texas. How can this be?
Oh, that's right, I remember now.
Vodka.
that map is definitely going to confuse the hell out of the next Miss Teen America.http://youtu.be/lj3iNxZ8Dww
I can see where Utah = Ukraine, it is the soviet/cuban liquor system.....:(
Muni-Bond ETF is going parabolic.
http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosetti...
Meridith Whitney must be in the fetal position.
You must be in a fecal position.
Nah, Robotshitforbrains is just fecal, period.
PIMCO's California Muni-Bond ETF going into Outer Space
http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosetti...
Almost back to the level it was in October... yawn.
Wow, nice shorting position.
Why don't you join it there, Robotshitforbrains, and do us all a favor.
Well, isn't that special. Soon the actual California Muni-Bond portfolio can join the ETF in Outer Space; that cold, dark, lifeless eternity from which nothing returns.
I'm gona' short the shit out of MUB. Parabolic price action from Dec-Jan when looking at the daily.
The issue is not that Michigan and Taiwan have equivalent GDP figures; that is yesterday's news. The important information would be to show which direction and the relative magnitude of the change (GDP growth or decline) in which each is heading.
Them trolls have all the jobs, money and gov't.
We've got snow, closed paper mills, and, hopefully, some mines opening up.
BTW, what's the longest bridge in the world?
The longest bridge in the world is the Mackinaw Bridge.
It connects Finland to Africa....
Someone thinks it connects Finland to the Middle East?
Now THAT was fucking funny!
I'm afraid most won't get the joke, though.
Michigan with the Dems out of power is getting a little better. A lot of Detroit fled to Chicago. Maybe they can send some of the Lib Dem UAW scum to Chi Town aka The Democrats Allah's hometown.
Can't wait until the nerds eventually say, "fuck this shit" and the world's first open sourced/crowd-sourced country is formed.
And when it happens, to hell with you noobs. I'm outta here.
Republic Of Hurd istan ... :-P
Central Comitee: John Gilmore, R.Stallman , L.Torvalds, Andy Herzfeld, Burell Smith ...
1st revolutionary move: occupy Bangalore ....
I think more of Patty Murray will fix it for WA.
LOL, consistently in the top 3 dumbest people in the senate...
Someone over at the Economist misses Thailand! ;p
It's where Wyoming is
Looking at this map, it seems that we could do just fine as individual state countries with no need for a federal government at all.
Yeah, I'd love to see Montana's freeways a decade after that.
"No one saw this coming."
That Krugman stuff was awesome! This place is addictive.
We need Bob Hope, Steve Jobs and Johnny Cash.. but we have lost them all... time to move.
So. Being a Texas farmer tinkering with and selling a Russian Belarus tractor or two is not as nuts as everyone thinks. maybe
http://www.bizjournals.com/houston/morning_call/2011/12/texas-tops-nation-in-five-year-job.html Texas tops nation in five-year job growth Houston Business Journal
Date: Tuesday, December 27, 2011, 6:30am CST
Texas added far more jobs than any other state in the country in the past five years.
The Lone Star State had 10,629,300 non-farm jobs as of November, a gain of 451,100 jobs since the same month in 2006, an analysis of U.S. Bureau of Labor Statistics http://assets.bizjournals.com/lib/img/iconsSprite.png); background-attachment: scroll; background-origin: initial; background-clip: initial; background-color: transparent; margin-left: -6px; background-position: 0px -2034px; background-repeat: no-repeat no-repeat;" href="http://www.bizjournals.com/#"> data by The Business Journals’ On Numbers shows.
Louisiana was a distant second in the number of non-farm jobs added during that five-year span, with 57,000.
North Dakota saw the highest job percentage increase during the period, boosting payrolls by 12.67 percent. Texas saw the nation’s second-highest percentage employment gain, at 4.43 percent.
Just nine states and the District of Columbia have added jobs during that period.
Texas and North Dakota registered the biggest five-year gains in employment.
Texas is the leader in raw numbers, adding 451,100 nonfarm jobs between November 2006 and November 2011. (The latter is the most recent month for which official figures are available.) No other state picked up more than 57,000 jobs during that span.
But for LBJ and Sam Rayburn and the Russians, Texas wouldn't have General Dynamics, E-Systems, Texas Instruments, NASA.......so much of the Texas Economy is Pentagon-funded and so much of it depended on the Texans in Washington to make it such a major contracting state, isn't it second only to California ?
Bullshit. GDP is a sum of Consumption , Investment , Government Spending and Net Exports. Take away the fitness centers, insurance policies, govt workers and contractors, our GDP is bullshit.
GDProduct, as in production...the US produces frn's and bombs.
We have GDProsthetic.
Italy and California? Actually their geography is pretty similar. Ocean, mountains, snow skiing, wine, produce. I have been to both and I would take Italy over that Lib Dem shithole Mexi-Porn-ia.
Zimbabwe/DC
"Who would have thought that, despite years of auto-industry hardship, the economy of Michigan is still the same size as Taiwan's"
Detroit is held up by the print press. Taiwan needs to produce things of worth to coax $'s from the press.
The map should have a bulls eye on the Fed..the rest of the worlds GDP being a derivative of the dollar spillover
I'm calling bullshit on NY State. 90% of it's economy consists of pushing buttons and shuffling paper with other peoples money riding on it. Erm.. I mean "finance".
C'mon, a US, Gross Domestic Prosthetic was funny!
And America is the only nation on the planet doing everything it can to destroy its economy, like
a) sending its manufacturing base and manufacturing jobs and manufacturing knowledge overseas,
d) stealing trillions of dollars of wealth from its people, giving it to the government and deeply insolvent walking-dead zombie banks and all manner of crony insiders, while the economy is in full depression, and
c) abusing its world reserve currency status, brazenly exporting its inflation and fiscal mismanagement and hideous government deficits and military imperialism around the world.
You are kidding......COME TO BRITAIN !
.... COME TO GERMANY !
Firesale & arsony started later, but much more efficient .
not impressed 3 states comparable to PIIGS economies seem to be doing all the work.
Alabama is closet to Nigeria. Looked that way to me when I visited there, too.
what country gets the derivitives ? gizillion freekin Trillion...
the seeds of monitary distruction is waiting on BOA NA books....all this seem so trite...I mean really, economic projections and labor reports and "national budget" drama..it is irrelivant, shadow bank rules
"We are the World..."
-105 Paul! You think people are hating!!!!
Having been to a surprising number of both the States and states with roughly equivalent GDP, the chart makes all to plain the false sense of security that one may attain when relying on such limited measures of production as GDP. Government spending is not production, the HFT fiat hot-potato game within the confines of the Finance sector is not production. Transfers, in general, are not production, they are consumption. GDP should be renamed GDC and discarded for the rubbish it is. The error is compounded when the costs of non-productive transfers are ignored, whether through borrowing to finance transfers, printing currency to finance transfers, the depreciating purchasing power of a single unit of GDP through inflation, the transfer of wealth abroad to finance a trade deficit domestically. The compounded error is then made by a factor of the multiplier itself, as the advance of technology has increased the velocity of money through the money supply to the speed of light.
The one factor which contributes to this distortion which cannot be tied directly to the fallacy of GDP is the unit of measurement of GDP itself- the USD. The demand for USD both as a result of current uncertainties and international tension, as well as being the generally accepted reserve currency and denomination of trade settlement for a significant portion of other countries production/GDP. A unit of production is a unit of production, regardless of the currency which is exchanged for the unit of production. A bushel of wheat is a bushel of wheat, whether produced in the USA, Brazil, China, India, Russia, Thailand, or Zimbabwe.
Would be a lot more interesting with more variables (GDP/head, literacy, life expectancy, blah...)
The rest of the world might produce all the goods, but they are still american goods essentially.
America is the base of operations, the rest of the world is a colony where we suck up cheap labor.
The problem is that we have too many mouths to feed her at home and not enough positions to fill so that people can pretend to be productive .... thus they can't get a slice of the pie.
You can only do so much meaningless paper work before it starts to show how meaningless it is.
^^
I don't think these comparisons of GDP are accurate because of how government spending is counted as GDP. The biggest chunk of the spending pie in the U.S. is Medicare/Medicaid followed by defense then SSI.
I doubt that Michigan would be anywhere near Taiwan if say without Medicare/Medicaid all those hospitals and healthcare facilities contracted with the Michigans private sector economy. Also, There are still alot of GM pensioners living in MI that would have been wiped out without government spending bailouts, etc.
My point is that much of GDP in the U.S. is predicated on government spending, is unsustainable, and without WRC status will
Thank you, just proved my point, more eloquenty as well. Had a discussion about the state of Illinois recently, technically they are not bankrupt because they do not have to count certain unfunded concerns in the final number and its against the state law to be bankrupt anyway...genius.
Each one of those countries has a seat at the U.N., for instance, Sweden has a seat at the U.N., but North Carolina does not.
Fiscal union, which is the surrender of national sovereignity, should go along with surrender of seats at international bodies, starting at the U.N.
Excellent point Richard..
Wow, I've been all worked up for nothing. Krugman makes it sound so easy....like its routine. The calm, matter of fact application of such simple outlook/statements is shocking and perhaps indicative of a larger problem.........getting lulled to sleep by current mkt conditions. I find it insulting to hear various concerns posted here dismissed with '...shovel ready jobs...'
Qualifying any discussion these days would take as long as any article I've read in a while. Banking: Assume major accounting holidays and massive, unprecedented free money injections and lack of basic prosecution of a variety of offences. Monetary Policy: Assume that the Fed is the largest buyer of our own debt, I'm still not sure how that works. The Market itself: Assume a deteriorating confidence in its original function, low volume, HFT dominated, +/- 400 Dow point gap opens with little trading thereafter. Credit Crisis: Assume that money is as cheap as ever for most players, yet there is a credit crunch? Credit is everywhere, it may be about solvency. GDP and other stats: Factor in an erosion of confidence in the routinely abused stats representing the economy.
The problem may be that the Fed has not allowed the sky to fall, so all this panicky concern has been a waste of time. Shovel ready i guess.
Love the map! +1
Florida on par with the Netherlands! ...where are the koffie shops?
Too bad corprations have out sourced the little engine that could. Who was that pud head that wrote a book about how to destroy you life without trying? He should write a book on How to Destroy Your Country in Ten Easy Steps.
Whoever wrote this article on stagnating pay must of read my posts here on the last two weeks (when the MSM and propaganda gov't pushed out "better" job numbers....and all I kept saying was, "Yeah, but what KIND of jobs?"
Only way you can cut into personal debt, rising gas/transit/food prices, AND have a disposable income for restaurants/shit mad in China, is rising wages and secure employment.
This "recovery" is driven by temporary jobs, lower-end admin positions, and volitile, and for the most part seasonal, retail positions.
Missiissippi = Bangladesh LULZ