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Friday, January 25, 2013

International Chimerica Today

Posted by Charles Mudede on Fri, Jan 25, 2013 at 11:11 AM

China's GDP for the first time passed $8 trillion, or about 55 percent the size of the US economy, after the world's second-largest economy struggled to speed up growth in the fourth quarter.
Based on yearly growth of 7.8 percent, the government announced on Friday that the country's 2012 GDP was 51.9 trillion yuan ($8.28 trillion).
GDP grew 7.9 percent in the final quarter, compared with 7.4 percent in the third and 7.6 percent in the second.
China's growth continued to be the highest among leading world economies, although it was its slowest in 13 years.

Japan's GDP is $5.8 Trillion. The world's GDP is $70 trillion. As for the deritives market, it's valued at $700 trillion.

$700 trillion is more than 10 times the GDP of the entire world and equivalent to $100,000 for each of the 7 billion inhabitants of our planet.

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Who will rescue us?

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Your tinfoil will save you Chuckles.

Posted by The Voice Inside Sgt. Doom's Head on January 25, 2013 at 11:11 AM

First, Chas, you need to get out a bit more and get a little pussy:

http://www.nakedcapitalism.com/wp-conten…

Posted by sgt_doom on January 25, 2013 at 11:29 AM

A nice little zombie apocalypse will fix that bullshit right up. $700 trillion? Zombie don't care.

Posted by el ganador on January 25, 2013 at 11:52 AM

Something tells me those numbers are based on very different metrics. We all know what the building of the world's tallest building foreshadows.

Posted by Dougsf on January 25, 2013 at 12:39 PM

GE will save us. That giant sucking sound is Chinese jobs being stolen from them and returned to the US. Yeah, really.

http://www.theatlantic.com/magazine/arch…

Posted by Fnarf

on January 25, 2013 at 1:04 PM

The market value of those derivatives is much much less.

You might as well value the insurance industry buy adding up the face value of every policy in existence.

Posted by giffy on January 25, 2013 at 1:10 PM

"Gross market value of all outstanding derivatives was $14.5 trillion at the end of 2007, less than one-fortieth of the $596 trillion estimate. (That number shrinks to about $3.3 trillion once you take into account contracts that directly offset one another.)"

http://www.slate.com/articles/news_and_p…

Posted by giffy on January 25, 2013 at 1:32 PM

Very good, giffy.

And GDP's are not comparable to market values. A GDP is an annual flow, not a value. At normal income/asset relationships it takes several thousand trillion $ of assets to produce $70 trillion in GDP.

Except that Gross (Global) Product is gross, and you'd have to knock it down to Net Productfirst in order to strike the proper income/asset comparison.

Posted by RonK, Seattle on January 25, 2013 at 1:59 PM

@5 Did you read that article? It says that manufacturing job growth is now possible in the U.S. largely because unions have been crushed and salaries have been pushed way down. How is this a good development?

Posted by Tent_Liberation_Army on January 25, 2013 at 5:21 PM

Soultion: Etch A Sketch!

Posted by silvertears on January 25, 2013 at 10:08 PM