kinda off topic - oil prices!

[nkp174]

Ok, how about a little perspective here...to go along with the doom and gloom?

The US national debt is not very bad...when compared to other nations. Sure, I get ticked off at congress spending like drunken sailors (sorry sailors...I don't mean to insult you)...but they're not the only country that does this extensively...

http://cluaran.free.fr/dette.html
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html

Japan owes, proportionally, WAY more than the US does. Canada also owes more than the US does.

Our US news loves yellow journalism, and hence perspective usually is lost. If Japan would try to foreclose on us...we'd turn on them and come out ahead.

That being said...it is insane that gov'ts run up this kind of debt.

 

[Mountain Man]

Nothing wrong with "a little perspective", but the situation in America is still grim and getting worse, and "a little realism" is healthy, too. We were once the leading industrial nation on the planet, the wealthiest and most advanced. Now, we are way down the list and sinking fast. Japan, totally devastated a mere 63 years ago, for example, is technologically far ahead of us today in many critical fields, and the gap is widening. Perhaps they can afford to owe more money.

 

[rekline]

I have always tried to think positive. I have trouble listening to the news networks and being told how bad everything in the economy is and then reading the business section and seeing how well US and Canadian companies are doing. As long as the gov't doesn't go down the socialistic disaster that is occurring elsewhere in the world, the US will turn it's economy around and still lead. In other words, let the businesses fix the problem by leaving them alone to suceed or fail. The next great solutions to the oil problem will occur in the research labs of some unknown today company. 20+ years ago who ever heard of Microsoft, today who hasn't.

 

[nkp174]

Nothing wrong with "a little perspective", but the situation in America is still grim and getting worse, and "a little realism" is healthy, too. We were once the leading industrial nation on the planet, the wealthiest and most advanced. Now, we are way down the list and sinking fast. Japan, totally devastated a mere 63 years ago, for example, is technologically far ahead of us today in many critical fields, and the gap is widening. Perhaps they can afford to owe more money.

Japan being technologically advanced is a myth. The joke is that they Japanese don't invent anything...they just excel at copying.

Don't believe me? See for yourself...
http://www.nsf.gov/statistics/nsf07320/pdf/taba7.pdf

Keep in mind, they have more than 40% of the population we have...but contribute only 1/7th of what we do to science. Yes, the Japanese love technology...but they are NOT more technologically advanced...the US is still the World's more technologically advanced nation. The key is, different parts of the world use technology differently. Japan is known for its love of electronics...but their cell phones use "brains" that come from San Diego...and their computers are powered by Made in the USA processors (which are the most high tech computer components).

Additionally...The typical Japanese income is only 80% of the typical American income...despite the fact that they work longer hours than we do.

The US is far from perfect...but we're, by economic and technological metrics...far closer to it than any European nation, Japan, or South Korea.

Sure, we have our problems to fix, but we are still the world's leading nation...far from a fading star.

-as a brief note...due to exchange rates...the UK has reached economic parity with us...for now...while France & Germany have now midway in between us and Japan (which has been sinking for a few years). Prices in the UK are typically 2x what they are here in the USA.

 

[Mountain Man]

Really? Japan is far in advance of any other nation in the field of robotics, as merely one example. They are also leading in research into telecommunications and related fields. Their high-speed rail system is second to none, while we putz along on a steadily shrinking system. American long ago failed to meet the routine Japanese standards for automotive production, and they get far better performance out of small engines than anyone else. They are, in fact, the acknowledged masters of small engines.

What American companies are fllorishing, besides the oil giants? Every cororation I read about is retrenching, laying off or merging, including WalMart. Meanwhile, the yen stays strong against a steadily declining dollar.

Canada, being bolstered by a huge American market for their oil, is undountedly doing better, but Canada's success does not equate to America's economy - we are, after all, the ones buying the oil from them.

I'm not against optimism - except that throughout history optimists have been responsible for more deaths and disasters than any other group - I just prefer realism.