The USA was the top economic power at the end of World War II. (Changing of the Guard!)
The situation has changed.
The US economy is still the largest national economy in the world. Its gross domestic product (GDP) was estimated as $13.8 trillion in 2007.
BUT, there is an awful lot of debt.
strangemaps.wordpress.com/.../ China’s GDP equals that of California, Oregon, Washington State, Nevada and Alaska.
Foreign exchange reserves in millions of USD (Wikipedia)
1. China $ 1,808,828
2. Japan $ 995,800
3. Russia $ 546,100
Number 23 in the world is the
United States $ 75,850
Current Account Balance (2005 estimate - Economic and Social research Council)
1 Japan 165.6 billion
2 China 160.8 billion
3 Germany 115.5 billion
Number 163 is the United States
MINUS - 829.1 billion
Savings Expressed as % of GDP
The problem is not lack of aggression. The USA has always acted aggressively to support its economic interests.
The U.S. has slaughtered millions of civilians in the Philippines, Vietnam, Laos, Cambodia, Cuba, Haiti, Dominican Republic, Nicaragua, Japan, France, Germany, Korea, Thailand, Indonesia, Panama, Grenada, Libya, Lebanon, Iraq, Sudan, Afghanistan, Somalia, Bosnia and Yugoslavia...
"With the direct support of the U.S. government (fascists) have committed the torture and genocide of additional millions of helpless, civilian people in Guatemala, Nicaragua, El Salvador, Honduras, Haiti, Mexico, Cuba, Colombia, Ecuador, Peru, Bolivia, Chile, Argentina, Paraguay, Uruguay, Brazil, China, the Philippines, East Timor, Indonesia, the Congo, Angola, Zaire, Mozambique, Palestine, Israel, Turkey, Greece, Cyprus, Iraq, Pakistan and Iran." - The United States Government is the World’s Greatest Terrorist Organization
Image from www.spynets.com/forum/index.php?showtopic=4227
So, what went wrong with the US economy?
1. America's leaders have been mad and bad.
Crooked politicians have been elected by pressing certain buttons, like 'Christian', 'the flag' and 'patriotism'.
Crooked businessmen have risen to the top of corporations by being clever psychopaths.
And there is a suspicion that you do not get to the top unless you are linked to the fascists in the military, and their various friends.
2. The USA has wasted its money on military aggression.
The USA has thrown money away in wars in Korea, Vietnam, Iraq and Afghanistan.
Meanwhile, people like the Japanese and the Germans have been making money.
3. The USA has come to be associated with names like Enron and WorldCom and Long Term Capital management.
Michael C Feltham, at Axis of Logic (Changing of the Guard!), 12 October 2008, wrote:
"As the US economy has been crippled by takeover kings and Acquisition and Merger mania and well established old reliable businesses have been dismantled, asset stripped and bought and sold like Hershey bars, America has neatly reversed itself into a one-way street. Both blue and white-collar jobs have been shed in the dubious cause of efficiency.
"These have been replaced by McJobs: the concept of service and retail activities, yet at wage and salary scales so far beneath before, that tens of millions of Americans cannot now afford decent healthcare insurance, let alone save for their old age.
For an excellent account of the problem, read: Changing of the Guard!