U.S. loses No. 1 ranking as dollar drops

European Union now has world's biggest economy

Posted: March 18, 2008

By Jerome R. Corsi

The European Union has overtaken the U.S. as the world's No. 1 economy due to the continued dramatic fall of the dollar, according to a Reuters report.

The U.S. Gross Domestic Product, or GDP, for 2007 is officially estimated at $13,843,800 billion. The 2007 GDP for the 15 EU countries is estimated at 8,847,889 billion euros, the report said.

That means when the euro yesterday topped $1.56, the EU officially became the largest economy in the world.

In a Financial Times commentary published Monday, former Federal Reserve chairman Alan Greenspan declared the current financial crisis in the U.S. "is likely to be judged in retrospect as the most wrenching" since the end of World War II.

Rest of Article Here

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer

The US still has the largest GDP of any country, the EU is a collection of over a dozen different nations economy

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LOL. Pay no attention to the man behind the curtain...

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer

What the hell are you talking about

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They fluctuate frequently, but the EU is still far off the counter weight envisioned by De Gaulle, Chirac and Schroeder.

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'May no obstacles arise on the path of enlightenment!
May the enlightened intention of Those Gone to Bliss, past, present and future, be realised,
May I neither be bewildered in migratory existence
Nor I lulled by the solitary quiescence [of nirvana]!
But may I liberate beings throughout the expanse of space!'

- Tibetan Book of the Dead by Padmasambhava

I was reading in National Geographic from 2003 I believe about the EU and how it's gaining prominence and threatens to take the number one position on the global economic stage ahead of the United States.

I found it astonishing that the United States alone was ahead of all these countries working together. Pretty amazing.

That being said, our dollar continues to get weaker and drop and drop. It's going to screw us over if we don't do something.

What can we do? The EU is bigger in terms of population and the further they integrate the further ahead they will become.

However the US still has a massive debt to the Chinese which when repaid, might swing it in America's favour.

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'May no obstacles arise on the path of enlightenment!
May the enlightened intention of Those Gone to Bliss, past, present and future, be realised,
May I neither be bewildered in migratory existence
Nor I lulled by the solitary quiescence [of nirvana]!
But may I liberate beings throughout the expanse of space!'

- Tibetan Book of the Dead by Padmasambhava

We are doing something, the federal reserve is increasing the supply of money so we don't end up in a depression. This makes the value of the dollar drop, not some scheme by international business to jump out of the American stock exchange. When the economy is better the value of the dollar increases, the fed decreases money supply, and the rich get richer.

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"Fools rush in where angels fear to tread." - Alexander Pope

Hint: Compare the government to the Wizard of Oz.

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer

you mean "if repaid."

But it will not be repaid. We will default and I think the rest of the world already knows that. They are just tooling for the best position as the serious collapse begins.

I would prefer some logical conversation about what it will be like and how long it will be before we can in any real respect hope to begin to recover from the default.

The depression in the US is pretty much a given now.

The real question is not "if" but how "deep and how long" it will be.


I really wish I didn't feel so positive I was right as I wrote all that.

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It must be troubling to those for whom authority is the only truth when confronted by those for whom truth is the only authority.