How Much of the US GDP is Real?

[Shams al-Ma'rifa]

The American economy is the most impressive display of ting in the history of the universe. From afar, it's kind of sad that the world pales so little in comparison to the mighty United States. We can destroy most countries in the world in a matter of seconds. We are so rich, and consumptive, that if everyone in the world lived like the average American, we'd need more than 5 earths.. FIVE freaking EARTHS.

We have a GDP of over 14 TRILLION dollars, more than twice what the next guy in line has (China: 5.75 trillion). There's only one slight problem here: http://www.usdebtclock.org/

55 TRILLION DOLLARS DEBT! an impossible value to pay back. The US National debt alone basically wipes out all of it's GDP. This is ridiculous, why do people still buy the dollar. The US is bankrupt, it is sucked dry. In reality, there is very little wealth in the country. All we have are mountains of credit that creates an impossibly huge bubble. I'm not saying the US economy will crash, I'm sure the think tanks will figure out a way to continue this ongoing scam. What I'm asking is.. how much wealth does the US actually have? The dollar mostly exists electronically and in the imaginations of the people.

[Hotspur]

You will notice in the top left-hand corner of the debt clock a value. That value is $14 trillion dollars. I have no idea where you got the $55 trillion dollar value. That would be nearly the entire planet's GDP.

Nice rant, though.

[Basil II the B.S]

You will notice in the top left-hand corner of the debt clock a value. That value is $14 trillion dollars. I have no idea where you got the $55 trillion dollar value. That would be nearly the entire planet's GDP.

If I'm correct, it's the one in the center of the page, under ''US total debt''.

[Hotspur]

Ah, so he is ranting about debt that is (more or less) being serviced? If you're going to use the total debt from all sources, then you should also use the total assets from all sources, which is $72 trillion dollars.

Which is why people still buy the dollar.

[Irish Warrior]

Hang on... 104% for Ireland!!!? Ah jaysus...

[Shams al-Ma'rifa]

No.. I'm ranting about the fact that we don't really have 72 trillion dollars worth of wealth to back that value up. It's just invisible money and most of it is non-existent, in electronic form.. BTW check out those numbers on the liability box

[Rolling Thunder]

No.. I'm ranting about the fact that we don't really have 72 trillion dollars worth of wealth to back that value up. It's just invisible money and most of it is non-existent, in electronic form.. BTW check out those numbers on the liability box

Sir, you clearly have no coherent understanding of economics and, as such, should not be making commentary on a subject you are not informed about.

[Shams al-Ma'rifa]

I would throw an insult back at you but I don't want to get banned. There's a reason why I can't withdraw 100,000 worth of cash from the bank, because it doesn't exist. I mean it exists but if everyone withdrew all their money all at once we'll see how the money we thought we have is really non-existent, thus leading to an economic collapse.

[Rolling Thunder]

I would throw an insult back at you but I don't want to get banned. There's a reason why I can't withdraw 100,000 worth of cash from the bank, because it doesn't exist. I mean it exists but if everyone withdrew all their money all at once we'll see how the money we thought we have is really non-existent, thus leading to an economic collapse.

Thank you for proving my point. Now go and read an economics textbook. Or wikipedia.

Here's one for you.

http://en.wikipedia.org/wiki/Fractional-reserve_banking

Have fun!

[Marechal Ney]

I mean it exists but if everyone withdrew all their money all at once we'll see how the money we thought we have is really non-existent, thus leading to an economic collapse.

Luckily that will never happen because we have the Federal Reserve ...

...aaaand the Tea Party, growing in strength, is typically for disbanding the Federal Reserve...

[removeduser_4536284751384]

I would throw an insult back at you but I don't want to get banned. There's a reason why I can't withdraw 100,000 worth of cash from the bank, because it doesn't exist. I mean it exists but if everyone withdrew all their money all at once we'll see how the money we thought we have is really non-existent, thus leading to an economic collapse.

so you're worried because there is money money than there is cash?

Stop worrying.

[Border Patrol]

Except money is just a representation of services and items of value. Not many people have 100,000 in the bank to withdraw. Nice try.

[Time Commander Bob]

I think it is important to remember that money does not represent cash but cash represents money. Money is simply the accepted medium by which products and services can be valued and acquired. It is real so long as people accept its value.

[removeduser_4536284751384]

We are so rich, and consumptive, that if everyone in the world lived like the average American, we'd need more than 5 earths.. FIVE freaking EARTHS.

no actually that's nonsense.

[Sphere]

The USA has created the largest, most efficient and resilient economy in the modern world. The OP can join the long list of people of the past 150 years that have predictied its demise and been proven wrong.

[Thorn777]

The USA has created the largest, most efficient and resilient 500 Trillion $ Derivative-Bubble, Money-Printing "innovations" and bloated artificial GDP-growth due to healthcare/defense spending in the modern world. The OP can join the long list of people of the past 150 years that have predictied its demise and been proven wrong.

Corrected it for you.

[Nietzsche]

The USA has created the largest, most efficient and resilient economy in the modern world. The OP can join the long list of people of the past 150 years that have predictied its demise and been proven wrong.

It's funny you mention that. I just finished Macaulay's History of England, and he makes a similar statement regarding government borrowing and debt.

However, because you are able to borrow a lot of money and find a way to pay it back, does not necessarily mean it's a good idea to do it. On a long enough time line it will be disastrous. Fiscal responsibility shouldn't be taken lightly.

[Border Patrol]

Sort of like how society was supposed to implode when the population hit a billion. Then... wait for it. Two billion. What's the new prediction? 10 billion?
I swear I think people just need a bogeyman.

[Col. Tartleton]

Sort of like how society was supposed to implode when the population hit a billion. Then... wait for it. Two billion. What's the new prediction? 10 billion?
I swear I think people just need a bogeyman.

12 afaik but I assume that's using the resources were currently working with. Earth could house trillions of people given the right technology... But why not work on reduction and coexistence with nature?

Let's get down to a billion again. America and Europe together is somewhere around that... That should do
It. How do we get rid of the other guys with the crazy pills?

[Exarch]

these days when trust in the USD as a reserve currency are so low, you see ppl putting more of their own trust in commodities;
fact is, every government and their dog knows the debt problem in the US is a bigger problem than politicians would let on, hence the spate of diversification since late 08