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• • • GLOBAL ECONOMY: The PetroDollar is Dead • • • (Anti-Dollar Alliance) BRICS is Rising • • •


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How The Petrodollar Quietly Died, And Nobody Noticed

By Tyler Durden

Date: 3rd November 2014

Source: Zero Hedge

 

Two years ago, in hushed tones at first, then ever louder, the financial world began discussing that which shall never be discussed in polite company - the end of the system that according to many has framed and facilitated the US Dollar's reserve currency status: the Petrodollar, or the world in which oil export countries would recycle the dollars they received in exchange for their oil exports, by purchasing more USD-denominated assets, boosting the financial strength of the reserve currency, leading to even higher asset prices and even more USD-denominated purchases, and so forth, in a virtuous (especially if one held US-denominated assets and printed US currency) loop.

 

The main thrust for this shift away from the USD, if primarily in the non-mainstream media, was that with Russia and China, as well as the rest of the BRIC nations, increasingly seeking to distance themselves from the US-led, "developed world" status quo spearheaded by the IMF, global trade would increasingly take place through bilateral arrangements which bypass the (Petro)dollar entirely. And sure enough, this has certainly been taking place, as first Russia and China, together with Iran, and ever more developing nations, have transacted among each other, bypassing the USD entirely, instead engaging in bilateral trade arrangements, leading to, among other thing, such discussions as, in today's FT, why China's Renminbi offshore market has gone from nothing to billions in a short space of time.

 

And yet, few would have believed that the Petrodollar did indeed quietly die, although ironically, without much input from either Russia or China, and paradoxically, mostly as a result of the actions of none other than the Fed itself, with its strong dollar policy, and to a lesser extent Saudi Arabia too, which by glutting the world with crude, first intended to crush Putin, and subsequently, to take out the US crude cost-curve, may have Plaxico'ed both itself, and its closest Petrodollar trading partner, the US of A.

 

As Reuters reports, for the first time in almost two decades, energy-exporting countries are set to pull their "petrodollars" out of world markets this year, citing a study by BNP Paribas (more details below). Basically, the Petrodollar, long serving as the US leverage to encourage and facilitate USD recycling, and a steady reinvestment in US-denominated assets by the Oil exporting nations, and thus a means to steadily increase the nominal price of all USD-priced assets, just drove itself into irrelevance.

 

A consequence of this year's dramatic drop in oil prices, the shift is likely to cause global market liquidity to fall, the study showed.

 

This decline follows years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling.

 

But no more: "this year the oil producers will effectively import capital amounting to $7.6 billion. By comparison, they exported $60 billion in 2013 and $248 billion in 2012, according to the following graphic based on BNP Paribas calculations."

 

In short, the Petrodollar may not have died per se, at least not yet since the USD is still holding on to the reserve currency title if only for just a little longer, but it has managed to price itself into irrelevance, which from a USD-recycling standpoint, is essentially the same thing.

 

Petrodollar exports to be negative in 2014 for the first time in 2014...

 

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China signs currency swap deal with Qatar in the heart of petro-dollar system

By Keeneth Schorgen Jr (Finance Examiner)

Date: 4th November 2014

Source: Examiner

 

The petro-dollar system is the heart and soul of America's domination over the global reserve currency, and their right to make all nations have to purchase U.S. dollars to be able to buy oil in the open market. Bound through an agreement with Saudi Arabia and OPEC in 1973, this de facto standard has lasted for over 41 years and has been the driving force behind America's economic, political, and military power.

 

But on Nov. 3 a new chink in the petro-dollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation in the very heart of the petro-dollar system.

 

While this new agreement between China and Qatar is only for the equivalent of $5.7 billion over the next three years, Qatar becomes the 24th nation to open its Forex market to the Chinese currency, and solidifies acceptance of the Yuan as a viable option for the future in the Middle East.

 

 

China's central bank announced Monday (3rd Nov)

that it has signed a currency swap deal worth 35 billion yuan

(about 5.7 billion US dollars) with the central bank of Qatar.

 

The three-year deal could be extended upon agreement by the two sides,

said a statement on the website of the People's Bank of China (PBOC).

 

Also on Monday, the two sides signed a memorandum of understanding

on Renminbi clearing settlement in Doha. China agreed to extend

the RMB Qualified Foreign Institutional Investor scheme to Qatar,

with an initial quota of 30 billion yuan.

The deal marked a new step forward in financial cooperation between the two countries, and will facilitate bilateral trade and investment to help maintain regional financial stability, the statement said. - China Daily

 

It is perhaps no coincidence that the term for the new agreement is set for three years, and is within the exact time frame being predicted by the director of the Finance Institute under the Development Research Center of the State Council, Zhang Chenghui for the Renminbi to become fully convertible in the global financial system.

 

The need for new markets and a more stable trade currency in Qatar could be tied to a new report issued last week by French bank BNP Paribas which showed that petro-dollar recycling has fallen to its lowest levels in 18 years, signifying that even oil producing nations in the Middle East are finding it difficult to trust the U.S. dollar, and facilitate its use in trade due to its depreciation since the advent of the Federal Reserve's massive QE programs.

 

Nearly every week now, China, Russia, or one of the BRICS nations are finalizing agreements that supersede the old system of dollar trade and reliance on the petro-dollar system.

 

And as many countries begin to reject the dollar due to the exported inflation that is growing in nations that are relegated to having to hold them for global oil purchases, alternatives such as the Chinese Yuan will become a more viable option, especially now that the Asian power has taken over the top spot as the world's biggest economy.

 

= = =

 

That is the biggest deal so far, after the currency deal that enables Canada to become North America's first offshore RMB hub, and lowering the need of the dollar.

 

Back on 14th April 2014 BRICS countries to set up their own IMF.

 

= = =

 

 

It's Official (Finally): The US Is No Longer The World's #1 Economy

By Simon Black, via Sovereign Man blog.

Date: 6th December 2014

Source: Zero Hedge

 

It seems rather appropriate that just seven days after the US government hit a whopping $18 trillion in debt, mainstream financial media has picked up the IMF’s recent World Economic Outlook report, which puts the US economy as #2 in the world.

 

There’s no shortage of ostriches out there who come up with every reason in the world why this doesn’t matter.

 

They say, ‘oh the IMF is just reporting purchasing power parity.’ Or, ‘oh it’s the per capita GDP that it counts.’

 

But the obvious truth is that the US is in decline. And it’s being overtaken.

 

1,000 years ago when Europe was just a tribal backwater with local warlords duking it out over salt mines, Asia was the center of wealth, power and civilization.

 

China continues to be the largest economy in the world up through 1850

 

20140912_USANo2_0.jpg

 

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Well the Petro Dollar isn't really threatened by Russia. But what the article says more is that the Yuan is trying to over take as the dominate trading currency...However the internationalisation of the Yuan is not new, China has been developing bilateral agreements with surrounding states from along time ago to begin currency swaps, developing a regional hegemony in their currency. I think its re-balancing the world economy, and makes it less dependent on one global economy and one currency reserve. Plus Russia is pro this shift, because of immense US and Europe ability to damage them with sanctions and etc, with Russia stepping away and forming bilateral agreements with China and other regional countries, the damage of sanctions will be less as China gives no fucks about the decisions US and Europe makes about Sanctions. 

 

But petrodollar won't be a thing of the past, as the US are still major exporters and importers of natural resources. We will see, when the battle between OPEC and Shale has concluded.  

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There's something really disgusting about the way countries literally fight over who has the biggest economy. IMO as long as countries exist, the largest economies should be the countries with the largest populations.

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There's something really disgusting about the way countries literally fight over who has the biggest economy. IMO as long as countries exist, the largest economies should be the countries with the largest populations.

 

There isn't necessarily a correlation there. Having the largest economy even with the largest population means little. Countries don't really fight over who has the biggest economy, that is something average citizens who are economically stupid do because they don't really understand what it means. For instance, U.S has the largest economy but the gdp per capita pales in comparison to many other countries. As does education, health care, safety and general quality of living.

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There isn't necessarily a correlation there. Having the largest economy even with the largest population means little. Countries don't really fight over who has the biggest economy, that is something average citizens who are economically stupid do because they don't really understand what it means. For instance, U.S has the largest economy but the gdp per capita pales in comparison to many other countries. As does education, health care, safety and general quality of living.

 

Actually, you have a point. Belgium could have an economy equivalent to France/Germany/Netherlands but the median income of the population could be the same. The same principle could apply to Malaysia/Indonesia and Singapore concerning standard of living or cost of living.

 

But India and China will need an economy larger that anyone else to be able to support their populations, even if all their corporations and high paid jobs are based in places like Taiwan, Singapore or Qatar. I don't think for a moment that any country should be higher that China right now since it has the biggest population in the world. Your thinking only works for small differences in population (like China vs India, or UK vs Korea).

 

GDP per capita doesn't matter too. In the future the UK could have a lower GDP per capita in comparison to the Eurozone but have a higher median income, just because all the UK's high paid jobs are based in the Eurozone.

 

Quality of life in the US is down to the awful governance they have, they have plenty of money to use! Then they have those blacks weighing the country down!

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Actually, you have a point. Belgium could have an economy equivalent to France/Germany/Netherlands but the median income of the population could be the same. The same principle could apply to Malaysia/Indonesia and Singapore concerning standard of living or cost of living.

 

But India and China will need an economy larger that anyone else to be able to support their populations, even if all their corporations and high paid jobs are based in places like Taiwan, Singapore or Qatar. I don't think for a moment that any country should be higher that China right now since it has the biggest population in the world. Your thinking only works for small differences in population (like China vs India, or UK vs Korea).

 

GDP per capita doesn't matter too. In the future the UK could have a lower GDP per capita in comparison to the Eurozone but have a higher median income, just because all the UK's high paid jobs are based in the Eurozone.

 

Quality of life in the US is down to the awful governance they have, they have plenty of money to use! Then they have those blacks weighing the country down!

 

Not a chance, again economically speaking. First of all, most countries peak. As China continues to grow, there is something called a diminishing returns to scale (Not really used for countries but for firms but I think it's a good way to explain this). The graph bends meaning, they will reach a point where they sort of flatten out. Which is why whenever someone is all crazy about the Chinese economy growing, I just pick my teeth. They will peak.

 

GDP per capita matters because it is what measures of wealth. If the U.K has a higher median income there is no way it can have a GDP per capita smaller than the Eurozone. That's an oxymoron. That is unless there is a drastic population surge in the U.K as that is a factor that affects GDP.

 

There are actually more whites on welfare than blacks (If we account for numbers but on aggregate in regards to the population, there are more blacks) but that's beside the point. That comment actually reminded me of my teacher who used to come into class and rant about how utterly dumb the media is when they talk about welfare and the economy. Even worse, the people who eat it up. 

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Not a chance, again economically speaking. First of all, most countries peak. As China continues to grow, there is something called a diminishing returns to scale (Not really used for countries but for firms but I think it's a good way to explain this). The graph bends meaning, they will reach a point where they sort of flatten out. Which is why whenever someone is all crazy about the Chinese economy growing, I just pick my teeth. They will peak.

 

GDP per capita matters because it is what measures of wealth. If the U.K has a higher median income there is no way it can have a GDP per capita smaller than the Eurozone. That's an oxymoron. That is unless there is a drastic population surge in the U.K as that is a factor that affects GDP.

 

This is all wrong about the GDP. GDP is the worst way to describe median income or wealth. if one person makes more than everyone else it skews the stats. For example say in a.country there are 4 citizen. 3 make $50 a year but the fourth person makes $100000 a year. The GDP for this imaginary country is $25,037.50 even though 90% are only making $50/yr. Change the numbers but the results are the same, any country with any rich citizen is not telling the truth about their citizen's income status. Plus the big problem with the US is that there is enormous blackmarket here and nowadays instead of spending paychecks on furniture or a car or something legal most people would rather buy coccaine and take the bus.

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This is all wrong about the GDP. GDP is the worst way to describe median income or wealth. if one person makes more than everyone else it skews the stats. For example say in a.country there are 4 citizen. 3 make $50 a year but the fourth person makes $100000 a year. The GDP for this imaginary country is $25,037.50 even though 90% are only making $50/yr. Change the numbers but the results are the same, any country with any rich citizen is not telling the truth about their citizen's income status. Plus the big problem with the US is that there is enormous blackmarket here and nowadays instead of spending paychecks on furniture or a car or something legal most people would rather buy coccaine and take the bus.

 

Just as with a lot economic assumptions, it doesn't necessarily reflect reality but gives a decent gauge on it. We have the same problems with the unemployment rate. The black market is not factored into economics either. However, that isn't even a big problem in the U.S. When you spew bullshit like "most people would rather buy cocaine and take the bus." you kind of undermine anything you're saying as realistically, that is not how most people live to begin with. 

 

The GDP measurement definitely has its flaws, however, it still gives a relatively good estimate. When you calculate the production of goods and services you also calculate utility to consumers. You have the right idea generally in the flaws associated with GDP per capita as numbers per capita tend to be inflated in comparison to how people are doing however, it's not as exaggerated. It can give you general information on the wealth of a nation. Note that even though China's economy is nearing the largest, the per capita income kind of reflects how the nation is doing. It is nowhere near the wealthiest nation on a per capita level. Despite the flaws, you get quite a good estimate in general on how countries are doing.

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Just as with a lot economic assumptions, it doesn't necessarily reflect reality but gives a decent gauge on it. We have the same problems with the unemployment rate. The black market is not factored into economics either. However, that isn't even a big problem in the U.S. When you spew bullshit like "most people would rather buy cocaine and take the bus." you kind of undermine anything you're saying as realistically, that is not how most people live to begin with. 

 

The GDP measurement definitely has its flaws, however, it still gives a relatively good estimate. When you calculate the production of goods and services you also calculate utility to consumers. You have the right idea generally in the flaws associated with GDP per capita as numbers per capita tend to be inflated in comparison to how people are doing however, it's not as exaggerated. It can give you general information on the wealth of a nation. Note that even though China's economy is nearing the largest, the per capita income kind of reflects how the nation is doing. It is nowhere near the wealthiest nation on a per capita level. Despite the flaws, you get quite a good estimate in general on how countries are doing.

 

Its not an assumption, honey, its fact. GDP is a horrible indicator it does not factor in Net Domestic Product. Economists ignore the depreciation of durable consumer goods. So planned obsolescence tends to increase GDP even though it destroys the Net Worth of consumers. Just like with the Bush Administration, the GDP rose consistently even though the standard of living deteriorated rapidly. The numbers/stats they used are not 100% correct to begin with, corporations and the government consistently use altered numbers in order to mask losses and failures.

 

Another thing too, The blackmarket is a huge problem in the US. Why the fuck do you think we're always hearing stories about Drugs, Sex Trade and arms trafficking. Because its a major problem!  Drug use is a major part of our culture and when US citizens alone supply 38% of the Cartel's income - billions of dollars that's leaving the US and going elsewhere - that sounds like a major problem to me. When you say things like "GDP is a good indicator" or "I pick my teeth at China, they will peak" or "China isn't a threat" or "...that is not how most people live to begin with"  you make yourself look sheltered, pretentious, xenophobic and uneducated about what's happening in the world.

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Its not an assumption, honey, its fact. GDP is a horrible indicator it does not factor in Net Domestic Product. Economists ignore the depreciation of durable consumer goods. So planned obsolescence tends to increase GDP even though it destroys the Net Worth of consumers. Just like with the Bush Administration, the GDP rose consistently even though the standard of living deteriorated rapidly. The numbers/stats they used are not 100% correct to begin with, corporations and the government consistently use altered numbers in order to mask losses and failures.

 

Another thing too, The blackmarket is a huge problem in the US. Why the fuck do you think we're always hearing stories about Drugs, Sex Trade and arms trafficking. Because its a major problem!  Drug use is a major part of our culture and when US citizens alone supply 38% of the Cartel's income - billions of dollars that's leaving the US and going elsewhere - that sounds like a major problem to me. 

 

Its not an assumption, honey, its fact. GDP is a horrible indicator it does not factor in Net Domestic Product. Economists ignore the depreciation of durable consumer goods. So planned obsolescence tends to increase GDP even though it destroys the Net Worth of consumers. Just like with the Bush Administration, the GDP rose consistently even though the standard of living deteriorated rapidly. The numbers/stats they used are not 100% correct to begin with, corporations and the government consistently use altered numbers in order to mask losses and failures.

 

Another thing too, The blackmarket is a huge problem in the US. Why the fuck do you think we're always hearing stories about Drugs, Sex Trade and arms trafficking. Because its a major problem!  Drug use is a major part of our culture and when US citizens alone supply 38% of the Cartel's income - billions of dollars that's leaving the US and going elsewhere - that sounds like a major problem to me. When you say things like "GDP is a good indicator" or "I pick my teeth at China, they will peak" or "China isn't a threat" or "...that is not how most people live to begin with"  you make yourself look sheltered, pretentious, xenophobic and uneducated about what's happening in the world.

 

 

Perhaps, I should re-iterate but the black market is a HUGE problem everywhere.

 

I feel like I'll just be saying what I said before as what you've replied does not discredit GDP much. Also, as I'm aware there wasn't a large growth in GDP during the bush era. I could be wrong about this but I recall growth not being that high or that the standard of living rapidly deteriorated, I'd be interested to know where you got that information and I'm not being condescending but I genuinely want to know there. You can't deny that GDP does reflect on the standard of living and I already said this before. Ugh, it's been quite a while since economics class but if you look at the least wealthiest nations, their GDP per capita reflects that. I did say that it has its flaws and I made no claims that the numbers are 100% correct, in fact if you read what I'm saying, I said it gives a good measure of general economic activity. There is no measurement that will be correct to a tee. I used the unemployment rate as an example earlier. Even though it has it's flaws it still gives a generally good measurement of unemployment. 

 

I'm not sure if you're mocking my China will peak statement because denying that is foolish. As almost every nations stalls in regards to economic growth and reach a level of sustenance. I forgot what the law is called and this isn't bullshit, we've seen it with the U.S, Japan, etc. Also the gigantic population that China has will take its toll on economic progress. 

 

Also, not sure what the correlation between thinking China will peak and sounding pretentious, xenophobic, etc, happens. It's kind of funny though cause I'm trying to go to China so I had a good laugh at that. The funniest part was also me being xenophobic when I'm the one trying to run away from this country. Not to mention, I'm an immigrant who has lived in three countries...   :hurr: Nonetheless, I will take my Kenyan born, xenophobic, sheltered and pretentious arse elsewhere. 

 

PS. I'm not sure why anyone feels China is a threat... The nations with the largest economy aren't the ones with the highest GDP per capita. 

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Not a chance, again economically speaking. First of all, most countries peak. As China continues to grow, there is something called a diminishing returns to scale (Not really used for countries but for firms but I think it's a good way to explain this). The graph bends meaning, they will reach a point where they sort of flatten out. Which is why whenever someone is all crazy about the Chinese economy growing, I just pick my teeth. They will peak.

 

There are people who will get positives China's growth, and it's GDP could easily surpass America's (and even Europe's) GDP. GDP per capita could easily overtake S.America or CIS. It'll be interesting if GDP per capita overtakes any developed country (Portugal maybe?).

 

 

GDP per capita matters because it is what measures of wealth. If the U.K has a higher median income there is no way it can have a GDP per capita smaller than the Eurozone. That's an oxymoron. That is unless there is a drastic population surge in the U.K as that is a factor that affects GDP.

 

It's to do with GDP/GNP/Income/Salary. GDP is the value of all goods produced domestically, while income is the value of all goods produced domestically excluding wealth exported abroad.

 

So Apple's earnings in the UK would be included in GDP but since most of that profit goes to the USA, a large chunk of earnings wouldn't be included in Median Income.

 

Compare these two:

http://en.wikipedia.org/wiki/List_of_U.S._states_by_GDP_per_capita

http://en.wikipedia.org/wiki/List_of_U.S._states_by_income#States_ranked_by_per_capita_income

 

I agree about the Euro/UK idea being a fantasy, but it could happen. I can forsee something similar happening in the middle east.

 

There are actually more whites on welfare than blacks (If we account for numbers but on aggregate in regards to the population, there are more blacks) but that's beside the point. That comment actually reminded me of my teacher who used to come into class and rant about how utterly dumb the media is when they talk about welfare and the economy. Even worse, the people who eat it up.

There are less black people in the USA, only 10% of Americans a Black. and at least 1/3 of black people are on welfare.

 

http://www.godlikeproductions.com/forum1/message2254714/pg1

 

 

 

 

As of 15 October, 2012 there were approximately 56,600,000 people on all forms of welfare in the U.S.

 

Percentage white - (rounded up) 39% = 22,074,000

Percentage black - (rounded up) 40% = 22,640,000

 

Total U.S. Population (2012 estimate) - approx 314,000,000

Total White - 244,920,000

Total Black - 40,820,000

 

White population - 244,920,000

Whites on Welfare - 22,074,000

 

 

Black population - 40,820,000

Blacks on Welfare - 22,640,000

 

 

Approximately 9% of all white Americans are on welfare.

Approximately 54% of all black Americans are on welfare.

 

Source reference: [link to www.statisticbrain.com]

 

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Its not an assumption, honey, its fact. GDP is a horrible indicator it does not factor in Net Domestic Product. Economists ignore the depreciation of durable consumer goods. So planned obsolescence tends to increase GDP even though it destroys the Net Worth of consumers. Just like with the Bush Administration, the GDP rose consistently even though the standard of living deteriorated rapidly. The numbers/stats they used are not 100% correct to begin with, corporations and the government consistently use altered numbers in order to mask losses and failures.

 

Another thing too, The blackmarket is a huge problem in the US. Why the fuck do you think we're always hearing stories about Drugs, Sex Trade and arms trafficking. Because its a major problem!  Drug use is a major part of our culture and when US citizens alone supply 38% of the Cartel's income - billions of dollars that's leaving the US and going elsewhere - that sounds like a major problem to me. When you say things like "GDP is a good indicator" or "I pick my teeth at China, they will peak" or "China isn't a threat" or "...that is not how most people live to begin with"  you make yourself look sheltered, pretentious, xenophobic and uneducated about what's happening in the world.

 

GDP also doesn't factor in cost of living, culture or quality of life. A metro system run automatically is going to be cheaper than one with staffed stations and drivers, the same thing could happen with supermarkets, farms and cleaning. Median incomes goes up, prices go down, and people have more disposable income -  yet GDP may not change.

 

This is important when comparing cost of living in Europe (where we have more socialisation) and cost of living in the USA.

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There are people who will get positives China's growth, and it's GDP could easily surpass America's (and even Europe's) GDP. GDP per capita could easily overtake S.America or CIS. It'll be interesting if GDP per capita overtakes any developed country (Portugal maybe?).

 

 

 

It's to do with GDP/GNP/Income/Salary. GDP is the value of all goods produced domestically, while income is the value of all goods produced domestically excluding wealth exported abroad.

 

So Apple's earnings in the UK would be included in GDP but since most of that profit goes to the USA, a large chunk of earnings wouldn't be included in Median Income.

 

Compare these two:

http://en.wikipedia.org/wiki/List_of_U.S._states_by_GDP_per_capita

http://en.wikipedia.org/wiki/List_of_U.S._states_by_income#States_ranked_by_per_capita_income

 

I agree about the Euro/UK idea being a fantasy, but it could happen. I can forsee something similar happening in the middle east.

 

There are less black people in the USA, only 10% of Americans a Black. and at least 1/3 of black people are on welfare.

 

http://www.godlikeproductions.com/forum1/message2254714/pg1

 

It's amazing how different websites have different statistics. 

 

13.6% of the population is black. That's 42, 020, 743. (This I took from the census)

 

The 2013 ACS numbers though: 230 million whites and 39 million blacks (not to the tee, you can go see the exact numbers on the census website)... That is a make up of 12.6%

 

I can't find welfare stats despite paving through but it's already interesting to see that population wise, the statistics are terribly off. We are talking off by millions... Can I trust this website, hmmm...  :imstupid:

Anyway, the godlike production website has different statistics. I am on the census page pretty much data mining because I remember we did this before. Unfortunately, nothing on government assistance yet. I've only found the poverty rate. 

 

Also, are you agreeing with me? Cause I did say rate wise, there were more blacks on poverty, number wise it's more whites. Meaning, the percentage of people on welfare is higher among blacks in comparison to our population but if we talk numbers there are more whites simply because they make up more of the population...

 

Also, yes, China's GDP will definitely surpass the U.S. No one argued that... I'm sorry are you agreeing because I was reading this like, yeah, we've said this all before...

 

We've also explained all about GDP before...

 

Also seriously, 54% of blacks are on welfare? That we know is total bullshit...   :donthinkso: 

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There are people who will get positives China's growth, and it's GDP could easily surpass America's (and even Europe's) GDP. GDP per capita could easily overtake S.America or CIS. It'll be interesting if GDP per capita overtakes any developed country (Portugal maybe?).

 

 

 

It's to do with GDP/GNP/Income/Salary. GDP is the value of all goods produced domestically, while income is the value of all goods produced domestically excluding wealth exported abroad.

 

So Apple's earnings in the UK would be included in GDP but since most of that profit goes to the USA, a large chunk of earnings wouldn't be included in Median Income.

 

Compare these two:

http://en.wikipedia.org/wiki/List_of_U.S._states_by_GDP_per_capita

http://en.wikipedia.org/wiki/List_of_U.S._states_by_income#States_ranked_by_per_capita_income

 

I agree about the Euro/UK idea being a fantasy, but it could happen. I can forsee something similar happening in the middle east.

 

There are less black people in the USA, only 10% of Americans a Black. and at least 1/3 of black people are on welfare.

 

http://www.godlikeproductions.com/forum1/message2254714/pg1

 

 

ALL HAIL THE NY TIMES.

 

http://economix.blogs.nytimes.com/2012/02/13/who-benefits-from-the-safety-net/?_r=0

 

I just had a Eureka moment, which is to calculate the poverty stats...

 

False alarm: Doesn't really help me much and I am just not about to pave through this website narrowing stats. I had enough of that in school thank you. 

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OMG. I FOUND IT!!!! Hot damn, I am feeling like Archimedes right now! I actually yelled out Eureka! 

 

For my sources: Just go to the Census website, click the data and go to American fact finder. You can then narrow things down by demographic, race, etc...

 

So I found the stats for Food stamps and SNAPs only. Not the best gauge of welfare or government assistance but whatever. 

 

ScreenShot2014-12-19at14550AM_zps28f6cf0

 

ScreenShot2014-12-19at14856AM_zpsbeb6386

 

Well, there are the numbers based on my own research. I print screened just in case y'all don't believe it. Either way, very accessible numbers. If you're into statistics you can go do the whole calculation nonsense. Of course, this doesn't give the full picture of government assistance but pretty damn, startling numbers. Of course, like GDP, there are bound to be errors. For one, this is the American Community Survey and anything with survey in it should be taken with a grain of salt... 

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