Those dirty european commies have the number 1 economy now, The US is number 2 thanks

[OrangeEmpire]

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.

Taking the gross domestic product of both economies in 2007, the combined GDP of the 15 countries which use the euro overtook that of the United States when the European currency surged to a record high of more than $1.56 per euro.

"The curious outcome of breaching this latest milestone is that the size of the euro zone's annual output has now exceeded that of the U.S.," the economics department of Goldman Sachs, the Wall Street investment bank, said in a note to clients.

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.

The 2007 GDP estimates are as published by the U.S. Commerce Department's Bureau of Economic Analysis and provided to Reuters on request for the euro zone by Eurostat, the European Union's statistics office.

-source

Thoughts?

[myrobbins7]

Buy GOLD..

[OrangeEmpire]

[VolunteerHillbilly]

It's a by product of a homogenous society where they stick their undersirable immigrant laborers in segregated ghettos and they euthanize old people.

[SWIL]

[hohenfelsvol]

Originally Posted by VolunteerHillbilly

they stick their undesirable immigrant laborers in segregated ghettos and they euthanize old people.

Texas?

[Plano Vol]

my bad...just gonna have to quit drinking all that German beer!

[BigPapaVol]

Originally Posted by Plano Vol

my bad...just gonna have to quit drinking all that German beer!

and how the heck do you make Scotch work?

[Plano Vol]

Originally Posted by BigPapaVol

and how the heck do you make Scotch work?

AIEEEEEEE!...I forgot all about me wee dram....stark sobriety will be a high price to pay!

[MG1968]

I claim very little understanding of the subject, but if the fed would stop cutting interest rates and thus devaluing the US dollar even further, wouldn't our economy improve with a stronger dollar?

[BigPapaVol]

Originally Posted by MG1968

I claim very little understanding of the subject, but if the fed would stop cutting interest rates and thus devaluing the US dollar even further, wouldn't our economy improve with a stronger dollar?

no. the weak dollar is not the problem all have trumped it up to be. It drives up the pricing of most imported goods, but makes our exports seem relatively inexpensive overseas. It's actually a boon to all of our exporters. Many foreign car mfrs are fortunate to be building cars in the US, or they would be priced out of the market. As it is, they're still taking a profitability beating in terms of their own currencies.

If the fed tightened its policies today, we would be absolutely assured of a pretty deep recession. While we are likely in the midst of a bit of a recession, the loosening will bring big capital spending back into the market. That's the start to ending the credit crunch that has been driving this train toward the cliff.

[JTrainDavis]

Personally, I'm in favor of raising rates, and taking it on the chin with a recession, rather than delay what is seeming more and more inevitable.

It seems to me that the Fed is plugging toothpicks into holes in the dam, while telling the townspeople that everything will be okay with a few more toothpicks.

Honestly, it seems like a boxer's corner sending him out to fight in the 11th round after he has been battered for the previous 10, with no chance to win. Much like putting your old dog that you loved to sleep, a recession is going to hurt alot more the longer we try to deny the inevitable.

[OrangeEmpire]

Originally Posted by JTrainDavis

Personally, I'm in favor of raising rates, and taking it on the chin with a recession, rather than delay what is seeming more and more inevitable.

It seems to me that the Fed is plugging toothpicks into holes in the dam, while telling the townspeople that everything will be okay with a few more toothpicks.

Honestly, it seems like a boxer's corner sending him out to fight in the 11th round after he has been battered for the previous 10, with no chance to win. Much like putting your old dog that you loved to sleep, a recession is going to hurt alot more the longer we try to deny the inevitable.

Don't hold any thing back, tell us how you really feel....

[JTrainDavis]

I just did.

[OrangeEmpire]

Oh,