World's Richest Political Entity is the European Union

[Etta Place]

According to the CIA's World Factbook, the European Union's GDP was estimated to be slightly larger than that of the U.S. Moreover, China's 2006 GDP was only slightly smaller than that of the U.S., and Japan was the world's fourth richest nation.

The current accounts of trading nations also reveals trouble for the U.S. In order for Japan to manufacture anything, it must import all required raw materials. Even after this incredible expense is met, it still has an $88 billion per year trade surplus with the US and enjoys the world's second highest current account balance (China is number one). The US is number 163 - last on the list, worse than countries such as Australia and the UK that also have large trade deficits.

The U.S. spends more on the military than all of the rest of the world combined. By 1990 the value of the weapons, equipment and factories devoted to the Department of Defense was 83% of the value of all plants and equipment in US manufacturing.

According to economist Dean Baker, "It is often believed that wars and military spending increases are good for the economy. In fact, most economic models show that military spending diverts resources from productive uses, such as consumption and investment, and ultimately slows economic growth and reduces employment."

[jmichna]

Etta,
Can you post a link to the reference you cite, the "CIA's World Factbook"... I'd like to read the appropriate sections for myself and see what this is all about.
Thanks,
John

[UncleBuck]

..yawwnnn... cchh..ahhahhaa.....

[JeffXD]

They need as much money as they can get to support all thier socialist programs.

[DanTheEldest]

It's no surprise that Japan is the way it is. With the U.S. as a shield against the world (in addition to the prohibitions of their WW2 treaty obligations) Japan never needed to develop much of a military, so everything got channeled into the private & public (infrastructure) realms (with mixed results, I might add). Their railway system is the envy of the world, but it's been plagued with money problems and cost overruns since the '80's. With that said, I'd love to have seen what similar internal focus would have produced here, but who's going to protect us (and our allies) when we shelve the military in favor of bullet trains? Like it or not, both at home and at several key places in the world the U.S. is still all that stands between millions of people and either communism or islamofascism.

[Etta Place]

Originally Posted by jmichna

Etta,
Can you post a link to the reference you cite, the "CIA's World Factbook"... I'd like to read the appropriate sections for myself and see what this is all about.
Thanks,
John

https://www.cia.gov/library/publicat.../2001rank.html

Very interesting website.

[Frenchy]

Originally Posted by DanTheEldest

It's no surprise that Japan is the way it is. With the U.S. as a shield against the world (in addition to the prohibitions of their WW2 treaty obligations) Japan never needed to develop much of a military, so everything got channeled into the private & public (infrastructure) realms (with mixed results, I might add). Their railway system is the envy of the world, but it's been plagued with money problems and cost overruns since the '80's. With that said, I'd love to have seen what similar internal focus would have produced here, but who's going to protect us (and our allies) when we shelve the military in favor of bullet trains? Like it or not, both at home and at several key places in the world the U.S. is still all that stands between millions of people and either communism or islamofascism.

I believe it's time for these countries to stand on their own, Dan...They have the capability.

[bigun]

Originally Posted by Frenchy

I believe it's time for these countries to stand on their own, Dan...They have the capability.

I Whole heartedly agree the time of needing US protection is long past lets see Japan, South Korea and Taiwan defend themselves against the Communists, They are all Highly evolved industrial countries. For that matter we should pull out of Europe and let the European Union defend themselves against the re invigorated Russia. I could never understand why we defend countries that criticize us as much as they do. Especially countries that we rebuilt after WW2.

[goodformeto]

Originally Posted by Etta Place

The U.S. spends more on the military than all of the rest of the world combined. By 1990 the value of the weapons, equipment and factories devoted to the Department of Defense was 83% of the value of all plants and equipment in US manufacturing.

We will continue not to manufacture anything as long as it costs less to ship said items here from a country with less restrictions. It's the American way of putting American companies out of work. As our dollar continues to decline we may see an increase in the manufacturing base again, but most likely we will just see an increase in price. As far as income for ownership, Ford is worthless, GM isn't far behind, and Chrysler is on a furlow. Made is USA isn't what it used to be. Assembled in the USA is almost too expensive. Our big industries are retail and leveraged debt.

[Frenchy]

Originally Posted by bigun

I Whole heartedly agree the time of needing US protection is long past lets see Japan, South Korea and Taiwan defend themselves against the Communists, They are all Highly evolved industrial countries. For that matter we should pull out of Europe and let the European Union defend themselves against the re invigorated Russia. I could never understand why we defend countries that criticize us as much as they do. Especially countries that we rebuilt after WW2.

We aren't defending these countries, bigun. It's not even about strategic location anymore. It how strongly these country's economies are tied to the US military infrastructure there. They have become dependent.
Look what happens here when we go through the base-closing routine every few years.