The U.S. economy lost the title of “world’s biggest” to the euro zone this week as the value of the dollar slumped in currency markets.
I have blogged about the economy a few times (here, here, here and here) over the past several months. Many people say, “Oh it will bounce back, this is normal.” I’m sorry, this is not normal and it’s going to take a lot of hard work to bounce back. Me personally, I see this as a punishment from Allah (swt) to America for all their oppression around the world. For us, who are living in America, well we’re going to have to save and utilize our funds in the most efficient manner, unless the next President re-structures the mortgage faulting disaster.
Taking official estimates of 2007 GDP — $13,843,800 billion for the United States and 8,847,889.1 billion euros for the euro zone — the economy of the latter passed the United States once converted into dollars, shortly after the euro topped $1.56.
The dollar sank to $1.5688 per euro late in European trading hours on Friday, at which rate the euro zone’s 2007 GDP equates to $13,880,568.4 billion.
On top of all that, the US government is bailing out Bear Stearns with a couple billion dollars. Where did they get all that? The tax payers of course. We’re basically helping a private financial firm save it’s own assets. That’ s just Bear Stearns. From every major financial firm like Citi, J.P. Morgan, Bank of America, Credit Suisse, and the rest of them have billions of dollars in the negative.
Daniel Gross writes:
We used to be the world’s most skillful entrepreneurs and managers. Now we’re laughingstocks. What happened?
Good point! To add to that, many firms like Citi, Coca-Cola, AIG and others have hired foreig-born American CEOs.