Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
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US is buying Russian uranium because it needs it , US takes cares of it intrest... That's not case with EU.. it's a slave continent of US , ready to sacrifice itself for US to maintain its unipolarity. Imagine they can't even speak about who destroyed Nord Stream Pipeline. Such a pathetic state of slavery of Europe.
@@LuKiSCraftThe Inflation Reduction Act is to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. -Wikipedia 😂
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
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I love how part of the blame (or seen as a problem) is american workers working from home and not wanting to return to the office. Its like working from home save you money on gas, time, and helps you avoid buying anything unnecessary (ex: coffee, lunch, etc).
@@sharonmontag2389 labor shortage as in alot of people cant find jobs that pay for their bills and and more, when apartments and houses are unaffordable to most. Why bother working when youre going to have less at the end of the month than before ?🤷♂
Productivity increases with WFM. Less distractions, I shut myself in my office and begin working right when I wake up. At the office, too many people want to talk.
@@posticusmaximus1739 - depends on the person and how experienced they are in the job. Onboarding folks during the pandemic sucked, and (at least in my industry) they end up lagging behind in the core competencies and ability to interact with their peers. (They literally don't know who to ask for help, and don't know their jobs as well as in-person workers did during an equal amount of time on the job.) In contrast, experienced workers seem to be able to work from home just fine, and yeah - they seem to have the increased productivity numbers....if they like working from home. Some don't, and prefer to come into the office. (I do - because my commute is my exercise, the food is free in the office, and the office facilities are really nice and there aren't a lot of people around.)
TLDR - the EU, which is in Europe, is suffering from more inflationary pressures from a war in Europe than an energy and food independent country a continent away
TLDR News a few Months ago: "Europe is forced into a harsh energy transition that will hurt economically!" TLDR News now: "European Economy not growing - the end of Europe? How could this be?" ... 😶
Well, but now it is way worth to get to US gas reserves using expensive technologies such as fracking because the EU has no other chances but buy it at a humongous price. Clever.@@DarkHarlequin
Britain is the only European country left out, but its inflation is 2% higher than the EU average. Its pretty much the same news for all of Europe at the moment and its all down to energy crisis.
Would be more interesting how much an European citizen can afford in average now and before corona, compared to US. What does growth bring when citizen can't afford more? What does low unemployment bring when people need more then one job to afford living?
@@davidjacobsen308 Yeh it's almost all food inflation that's the difference in the UK probably because the UK had the cheapest food in most of the world pre Covid now it's insane like 300% more expensive in many cases.
In short term, much of the difference in economic recovery speed can be explained by strong government spending in US. In long run, things get more interesting as US is more successful at capturing new and growing industries, while EU is riding on legacy industries while facing serious demography issues.
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
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right now the Federal Reserve is keeping interest rates high to lower inflation. What's SUPPOSE to happen is consumer spending slows as you see in home buying which it has with higher mortgage rates. The Federal Reserve wants the inflation rate back down to it's targeted 2%. Still they want a soft landing meaning inflation goes down and there isn't a recession that results in big job loss. Right now inflation is at 3.4% and it's going to be a while before it gets down to 2%. The Fed is wanting to have rate cuts, but that means inflation has to go down before that happens.
Yes, and European countries def suffer from a lack of close economic ties with each other....No way for them to foster economic ties with other nations. No framework, or Union if you will, that would allow close economic ties. No single market currency. No standardized regulatory body. No free movement of labor. Sometimes people make comments and I wonder if they had their full cup of coffee that morning.
@@austinquinn476 The single market currency is what is keeping much of EU down though. Out of all the EU members, the ones who have a higher growth are those who retained their own currency, while the euro zone is performing worse and has been performing worse for years. Economic ties are close. Each member is interdependent. The problem is that the single market does rarely allow deals outside of the market.
@@petergray2712 Why do you say this? You can increase efficiency. Think about it: *adjusted for inflation* we are all hugely more wealthy than ten, 100, 1000, 10000 years ago. Your phone is what we used to call a “supercomputer”. Your car has several hundred horsepower. You can vacation on a different continent. There are houses and restaurants and libraries. It's entirely routine for real-terms prices to drop; it's what we call “progress”. (The challenge, it turns out, is more in doing this without breaking the environment. Ironically, the conservatives-who are the ones trying to persuade us that we deserve less-are also the ones who don't seem to care what damage we do. The future is evidently one of those things we deserve less of.)
Europe has 2 problems : - Lack of different energy source, making it less resilient to events like Russian invasion, or OPEC policies. That is being solved at a very high pace though, I think this will not be a problem for Europe anymore in 10 years, maybe even 5. - Lack of R&D funding, and tech industry. Europe really underfunded their research and development and tech industry since 2 decades. Making the average European worker way less efficient than an American one, or even a qualified Chinese one. It is a massive shame, as Europe need efficiency, since they want to focus on more social benefits. Plus, they largely have the infrastructure, money and education to become leaders in R&D and tech. The hold-back come from old and massive European corporation in heavy industry and automobiles, who has too much influence on European politic and don't care about R&D and tech.
I believe that the EU has enough R&D funding, but we mostly spend it on things like healthcare or renewables, etc. That are like... Great, but they dont make much money.
Our biggest problem is the fact that our citizens are aging and we aren't compensating the loss of workforce by either human or non-human forces. Also the lack of people who work fulltime compared to the USA or East-Asia. Europeans are actually much more efficient than Americans. Because we simply care more about our free time, we work on average 200(?) hours or so less than Americans on yearly basis. Also, on the energy resources... the USA is self-sufficient. We are not and are relient on Russia, Norway or OPEC to deliver us oil and gas. It is easier said then done to buy from other markets, because American and OPEC are delivered by shipment and that simply costs more. Lack of R&D funding is the case though, we dropped the ball on that in the EU.
Individuals are significantly more vulnerable to inflation than they are to a collapsing stock or property market because it directly impacts people's cost of living, which they immediately feel. It is unsurprising that current market sentiment is so negative. Aid is necessary in today's economy if we are to survive.
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Where may one find an experienced F.A? I enjoy the idea of using their services, but it's sad that recent stock market disasters have become more common.
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yes. America has had an abundance of cheap energy from fracking and no war. Europe in comparison was been reliant on Russian gas, Chinese exports and a huge conflict on it borders.
I liked this video a lot. As an American, I hadn’t heard of this of this story, and while often I find TL;DR’s analysis to lack depth (which is understandable considering their name and short video format) I found this video specifically to be quite well done. Still, European economies have strong fundamentals, and I expect they’ll recover once the energy crunch is over. I’ve had a fair bit of economics schooling (and a degree) and I expect this trend will fade in the medium term. As a minor quibble, I’d ask how military spending “inflates” American GDP. The government spends more than Europe does, but that’s not fake growth or less real growth than European (or anyone else’s, including America’s) consumer driven growth. It isn’t as if money spent on a missile is any less “real” than money spent on say, healthcare or food. It’s economic growth all the same, disagree with it or not. And jobs in the defense sector are quite lucrative for those employed in it. Additionally, it isn’t as if anyone expects American military spending to decline anytime soon, so it’s not a short term thing. I politely disagree with the term “inflated” here rather strongly and would ask TL;DR to defend that characterization on any terms besides European aversion to defense spending.
@@cocacolaenjoyerI think you should refresh, I’d watched the whole video before commenting and when I commented, video was 11 minutes old. I happened to click on it a minute after to uploading and when else would I comment besides right after watching? I also skip the sponsor stuff, as I’ve heard it a few times before.
I would say government spending on defense inflates the GDP because it's gigantic stimulus from the state that is buying all the military stuff - it's not an indicator that the free market is doing well on its own. It's as if France decided to create a strategic reserve of let's say cheese and pumped billions of euros into it - it would most certainly bump the GDP of the country but would it mean French economy is doing so much better? That it's free market is doing great? In a way yes, because the state invested and spent the money but it feels like cheating when states make such huge purchases. Now when I think about it, it's like subsidies - the state gives away money to companies and they spend it, further increasing GDP.
I think the idea behind military spending being less valuable to the economy is that it doesn't contribute to further economic activity the way something like say car would, but at least some of the techonology developed this way ends up in civilian sectors and USA sells quite a bit of military hardware which recoups some of the costs. So not a take I really agree with. (I'm from EU)
It should not come as a surprise that Europe gets hit harder by the Ukraine war and energy crisis. Also in Germany we have yellow colored road block against investing anything. The us heavily invested in transforming its energy which led to a growing economy. The current German government is literally fighting around every cent that has to be spent. The „schwarze Null“ (avoiding debt, almost at all costs) has and is really damaging to the German economy because necessary investments to insure energy security, rebuilding/bettering infrastructure or education have and are being blocked. Instead of looking at where unnecessary spending can be cut those investments into German future are blocked because apparently one of the richest countries in the world has no money. The idiocy behind it is that it’s not only social projects they are blocking but direct investments into industry. But also we massively lack leadership in the coalition because as it seems the largest party seems to give jack shit about that and leave the two smaller parties squabbling. Scholz has been a real downgrade to Merkel as chancellor.
You are joking? Merkel and Schäuble started the whole Schwarze Null nonsense and caused 12 years of no investment, even initiated the shutdown of nuclear plants. Merkel was and her cabinet of not getting anything done living of cheap Russian energy were a catastrophy in the long run. What exactly should the present government do now? They have inherited a bag of lack of investment, have to deal with the inflation, the war in Ukraine, the lack of tradesmen (thank you Merkel again) and the lack of a vision of the previous government
Germany problem is that you all feel so guilty about ww2 you don’t speak your mind Germans are good people and Germany is a force for good in the world Every country has a dark past, humans were all savages in the past nothing we can do about it but get over it China is the new nazi Germans and Russia is just a powerful North Korea There’s a reason most of the ussr begged to be in nato
It was EU decision to buy natural gas and electric power via energy markets. Thus the war in Ukraine has nothing to do with the so called energy crisis.
While I agree that Scholz is a bad chancellor, let us not forget that it was Merkel that blocked almost every necessary reform or investment for her 16 years in office. Education, renewable energy, infrastructure, all these problems where entirely foreseeable, but Merkel and the conservatives did nothing.
Trump was right about one thing in particular - Europe made a mistake by hamstringing their own energy production growth and therefore relying on Russia.
No, EU would have a much weaker economy today without Russian gas and it basically shot itself in the foot with the anti-Russian stance. Now they’re buying proxy gas from India or America at much higher rates. 😂
C'est sûr que depuis que l'Europe achète son gaz à vous les Américains ça nous coute plus cher ! la France à ces propres fournisseuses, mais certain pays comme l'Allemagne et beaucoup d'autres vous, on fait gagner beaucoup d'argent, voilà pourquoi vous aviez une inflation moins forte, Ne vous leurrez pas si l'Europe tombe vous tomber aussi ! le monde est devenu anti Occident comme jamais ! L'Occident est devenu malgré elle une seule entité de survie contre le tiers monde qui souhaite ça mort !
You give that quote to Trump? It has been said repeatedly for more then 2 decades. Obama said it in march 2014 "Obama tells EU to do more to cut reliance on Russian gas- reuters". Bush said it multiple times under his presidency, even in 2006 before Putins famous Munich speech in 07. "U.S. President George W. Bush has suggested European countries would be wise to diversify dependence on Russian energy resources so they dont have to worry about the supply of energy". Hillary Clinton warned Europeans about Russia using energy as a political weapon in 2009, after the russians attacked Georgia, in fact no one has been a thorn in Putins side as much as Hillary Clinton. It has been warned against from every international energy agency for decades, all intelligence services, and most world leaders for at least two decades. Trump just parroted something he was told to say after shit turned sour, Trump wouldnt be able to point out moscow on a map, dont fool yourself to believe hes a strategist. Trump more then anyone else in global politics, have made Putins politics ten times easier to pull off.
The US biz economy is very strong - but things are still extremely difficult on average people. Most economic growth still goes to big biz and the wealthy.
Not during Joe Biden’s presidency. Wages are outpacing inflation, especially at the very bottom end of society, economic inequality is actually decreasing, and profit margins are normal by historical standards.
Not necessarily, the average jobs pay extremely well here. I think you are referring to the fast food/retail industries. My job in America, I get 120k per year, the only thing I needed to do was going to a two year tech college. We have plenty of opportunities, we need to change the culture, not the system. This new generation is just too lazy, spoiled and are uninformed. Remember....you decide your outcome, don't blame anyone else but yourself.
@@sloppypotato2403we support none in that fight, but remember me the terrorist attacks jews did in Europe.... even if palestine certainly get more sympathy from a lot of people.
@@saturos53 Google search "Azerbaijan genocide" returns genocide of Azerbaijan civilians: «The Khojaly massacre was the mass killing of Azerbaijani civilians by Armenian forces and the 366th CIS regiment in the town of Khojaly on 26 February 1992. The event became the largest single massacre throughout the entire Nagorno-Karabakh conflict»
@@saturos53 for 30 years RF fought proxy war against Azerbaijan to block its oil from flowing west. During 1992-1993 the UN Security Council adopted four resolutions (822, 853, 874 and 884) and made six statements of the UNSC President on the Armenian-Azerbaijani conflict. They confirmed the territorial integrity of Azerbaijan, condemned the occupation of the Nagorno-Karabakh region, demanded the immediate cease-fire, suspension of hostilities and withdrawal of all occupying forces from the territory of the Republic of Azerbaijan. The Armenian side partially complied with some of the demands of the Security Council and has totally ignored the demand to withdraw its forces from all occupied territories.
US has a very large ratio of fixed rate loans which punishes morgages far less, this gives americans ability to raise rates higher and faster without driving people out of thier homes and inflict less consumer pain.
Not really. American's are today saddled with far more education and credit card debt, which are strongly impacted by rate hikes. The simple fact is that for Americans cost of living is increasingly unmanageable, with the average working american already spending 80% or more of their take home income on just housing (without utilities) food and health costs.
Well the EU went from brexit to pandemic to russian invasion with pretty much no break inbetween. That might have something to do with it. The EU has been doing a fantastic job considering what its fighting against as well as national governments being difficult at every turn.
Luxury spending is the only industry that never suffers from economic crises because rich people will always have money and want that sweet sweet status symbol. But yes, tourism (which is not part of the luxury industry) does indeed suffer during economic crises.
@@manueloctaviomartinez3173 You just lack understanding, you being a top 5 in something doesn't mean you're as dependant of it. A small country that get most of his money off of tourism would be more impacted by a tourism crisis than the US despite being far from the top 5.
@@heroe1486 ur flexing EU has lots of tourism like USA doesn’t. You imply it. Either way. Who’s fault is it y’all rely on tourist? Poor socialists I hope one day y’all learn about economics and borders. Bro saying it like it’s USA fault y’all are broke and rely on tourism😂🤡. Also , half of the EU countries are poor and customer service is garbage. Poor Italians for example are disrespectful to tourists in general while their life depends on it😂😂🤡🤡
@@prplt it's is correct in the same way that "Tom's" is correct. Just because the people who write the textbooks are retarded doesn't mean we all have to add yet another exception to our convoluted language.
Because europeans tend to use public expenditure to make Life easier for the citizens of the EU while america doesn't, america concentrates mostly on producing while treating people like literal slaves, this Is why most people in America have debts and go into poverty wich makes them think their economy Is falling apart, economy doesn't equal wellness of citizens
@@Bottleofwater-n5y , the EU's public expenditure will have to be cut eventually as it is unsustainable. Aging population and low birthrates is going to be their Achilles's heel.
@@Bottleofwater-n5yNo. The point is American people have to survive on there own and doesn’t rely on government support. All of the railway and taxis are run by the private company. And all of the consumers in America is run by American private company. Even America can’t shutdown Google because it’s not in American government unless they ran out of money. So it’s not slave it’s just that you got to survive on your own
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That's an issue for almost all modern countries, if it wasn't for immigration, the problem would be far worse for developed countries, even the US. People seem to want to have far fewer kids nowadays and if you look at the stats, a lot of the growth is coming from immigration, either directly or by them having more kids than the natives, this is more or less happening in every modern country, the US is no exception and if you look at the countries that have a bigger population decline, they tend to be the ones that bring in fewer immigrants, Germany probably being the exception to that one.
@@adineatha9766 People are not distracted by social media. They are overwhelmed by the rising cost of living. Couples are most fertile at a young age, in their twenties. It is the perfect time to start a family biologically speaking. Young people cannot afford to buy a place to live and often struggle with living costs altogether. And if for some reason they still get babies, at least one of the parents and ideally both have to focus attention on childcare instead of career. Hell, if you just want to save up money to buy an apartment, that takes literal decades of savings nowadays. And childcare costs money too! Keep in mind that in order to have positive demographic growth, they would have to get at least 3 babies. The fact this number is considered high in many places nowadays is very indicative on how deeply entrenched our demographic crisis really is.
The economies can be explained like this: The US thinks that you should to somehting until you are proven that you shouldn’t. EU believes that’s you should only do somehting if proven absolutely right.
It's crazy that food and energy independence were huge reasons as to why Germany took control of so many lands during World War 2 and Europe still continues to have this problem of lack of reliable food and energy today.
US is not exactly independent. Yes, they export more than they import, but not all forms of energy are interchangeable. The US produces a lot of natural gas, but you can't (generally) use that in vehicles.
@@spacetoast7783 That is a good point. None of the less, the US is are far more independent than Europe. Further, by exporting so much, the US has more negotiating and trade power.
America's HDI is higher than the EU. And if you're going to look at individual countries, I can do the same for states, in which case Massachusetts (which has 1 million more people than Norway) has a higher HDI than anywhere in Europe with the exception of some of West Germany and a few capital cities
America's HDI is higher than the EU. And if you're going to look at individual countries, I can do the same for states, in which case Massachusetts (which has 1 million more people than Norway) has a higher HDI than anywhere in Europe with the exception of some of West Germany and a few capital cities
@@TisDansk no it doesn't. Higher than Europe, yes, but not by a wide margin. The American median disposable income is the highest in the world; there may be less inequality in Europe, but only because everyone there is poor lol
You missed that the US has printed a tonne more debt that European countries since Covid. Look at government, household and company borrowing rates and they are much higher in America. More printed money = more brought forward growth that needs to be paid back in the future.
The rally in the stock market is over, but I'm not sure if stocks will recover quickly, continue to fall, or fluctuate in a narrow range for a few weeks, or if things will get worse quickly. I am under pressure to increase my $300,000 reserve.
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Why is the US ahead of almost everyone else? 1) They invested in the right sector, IT. 2) They pay who work and deserve it, not who's lazy and want to live on benefits.
In Europe, people work to live, and in the US, people live to work and consume. The whole answer why the US has a faster GDP growth ... but no one checks what the social costs are.
The US is the world's largest energy producer, exporting a net surplus of oil and refined oil products, and natural gas as LNG. The US also exports a surplus of food. Add to that a massive infrastructure rebuilding program and manufacturing actually relocating to the United States from Asia. Gasoline and diesel recently went up, but only because of temperatures in Texas and along the Gulf Coast becoming so high refineries became inefficient in operation. That actually caused inflation to tick up above 3%. The United States is just in a very enviable position. Saudi Arabia is actually in a recession and is cutting production to keep prices high. Which the US just takes advantage of by producing and exporting more oil and natural gas. If Saudi Arabia abandoned all production cuts and flooded the world with cheap energy, the Service and Manufacturing sectors of the US economy will take off like in the 1980s, 1990's, and the mid 2010s. Even after the shake out of the new renewable technologies, the US is set to retain a good position economically.
- The Europeen Contrys ??? - Had the choise ??? - Only France was concern money wise in the Lab in China ?? - Why all the other Contrys did not sued the lab ??? 😢😢😢😢😢😢😢 🤬🤬🤬🤬🤬🤬🤬 1:49
You didn’t mention that the US also had a double dip in growth over the past few years while the EU only had one. And EU countries maintained high employment through the pandemic while the US still hasn’t returned to pre-pandemic employment. If you cut more, then you have more to more room to grow later.
as an american, i can tell you that for normal people the economy still sucks here. "the economy is growing" but not in a way that translates into more jobs, better wages, or job security for average workers. the numbers we are looking at mostly affect how much money rich people are making.
@@mortvald i have not lived outside the USA so it's hard to compare, but for most normal people the most difficult parts are housing and healthcare. housing in any area you remotely want to live (any major urban area) is crazy expensive, and to find somewhere with cheaper housing you will be VERY far away so you'll end up spending a bunch of extra time and money on transit to be able to go to a job. and, as many might already know, the healthcare system in the USA is a trash fire. we have very good doctors and hospitals, but everything is private and for profit, and for the most part people either have to pay out of pocket for insurance every month, or it is a benefit from your job. and the insurance plan you have can dictate which doctors/hospitals they will or will not pay for, refuse to pay for a treatment your doctors says you need, etc etc. even if you have good insurance, you could be in an accident, incapacitated, and taken in an ambulance to the closest hospital, which is the "wrong" hospital according to insurance, and end up with a massive medical bill. i have heard from many people that gas/petrol is cheaper in the USA than many other countries, but this is somewhat offset by the fact that our public transit in most areas is a joke, so you are most likely gonna need to drive a lot more here than in europe for example. food, again hard to compare. when i traveled to japan the dollar felt strong and i could get food for what felt like cheaper than at home, but that could also be due to exchange rates (the yen is really low against the dollar in recent years.) i just know by talking to many EU friends that they tend to have an image from the news, TV, movies, etc of the USA as being a really rich country - but it's really more like there's a small percentage of VERY rich people, while most people are actually living paycheck to paycheck or have just some small savings. consumer and labor protections are pretty weak here compared to the EU. anyway sorry for the novel, lol, thanks for coming to my TED talk.
You're just lying. The past two years have given American workers the biggest wage increases in decades, and it's disproportionately going to lower income quintiles.
@@spacetoast7783 have you ever even been to america? lmao what supposed motivation do you think an american would have to lie about this? i'm just telling you my lived experience. are there people who are well off? yes. are there also a lot more people who are struggling? also yes. if things are so amazing here why do you think so many workers have been striking in the USA this year?
Many thanks for the video you post, they are with good contents and very clear to understand even for people who aren' t in the field of finance and economy
Last time I checked, the term "inflation" refers to a *general* rise in prices. Most of this video talks about *specific* rising prices. AFAIK, that's not inflation -- that's supply & demand. Seems like they are literally squinting at the numbers to find the most not-inflationary price rises to talk about. What am I missing?
Well for one thing, your average American works 40 hours a week and your average EU citizen only works 30 hours a week. With 10 hours of work extra each week, the US easily outperforms the EU’s economy
Typically working fewer hours make workers more productive, however the US is the only anomaly as Americans are still more productive than Germans despite working 400 less hours.
It would be interesting to see more details on growth disparity between Europe and USA, but throwing Canada in there are as a point of contrast would also be interesting. Presumably Canada is less impacted by Russo-Ukrainian war than Europe, but does have more similar economic policies to Europe than the USA, so that might help to tell what the true causes are.
Great video and great to see that the US economy is doing well, hopefully the European economy will recover soon. Just to clarify in case it wasn't obvious in the video that the US is self sufficient in fossil fuels whereas Europe has to import most of the fossil fuels so I'm my opinion that is probably one of the biggest factors
Amen to that! 😂 Sabotage of Nord stream 2 by US/NATO affiliates burned Down in a few minutes, years of billions of euros of investments by both Russia and Germany and thus struck a serious blow to the German economy, the leading economy of the Old Continent. The US want this war to drag on a few more years, just enough to kick Europeans (and Germans in particular) in the shin.
One thing that you really need to bear in mind is that whilst the EU's economy does grow slower than the US's it still manages to remain roughly the same size. Between 1999 and 2022 the US's GDP rose by 58.5% whilst the EU's only managed 39.8% But the EU-27's total GDP rose from 92.4% of the US's in 1999 to 95.6% in 2022 (source OECD)
@@Wilhelmofdeseret I draw your attention to the fact that I said EU27, that comparing the current membership so strictly like for like Also the US it did add a lot of territory them up to the earlt 20th Century.
It's nice to see a video about this topic, there have been a lot of articles about how EU is stagnant and not growing at all. But a lot of these articles fail to mention that the UK is not in EU anymore so therefore lower GDP and GDP per capita, exchange rates which went from EUR/USD 1.56 in 2008 to 1.09 now, and the fact the US were not hit by Russian war and sanctions as EU was. Also, aren't the big US tech companies avoiding paying taxes in EU? We are talking about the richest companies in the world, the multi billion dollar tech companies who bring so much wealth to the US.
No, quite the opposite. Most of the big US tech companies are headquartered in Ireland for low taxes. If anything, they're actually avoiding paying taxes in the US, heh -- although this was partially addressed when a recent accord was struck to harmonize tax rates at a flat 15% minimum among advanced countries, over Ireland's initial opposition. President Biden had pushed it heavily as a way to stop the "race to the bottom" of counties pushing lower and lower tax rates, hollowing out the tax base of governments in the age of globalization.
@@StochasticUniverse Yeah but you are forgetting that majority people who are employed in these companies are US citizens and majority of investments of these companies is in US. Therefore these companies still spend a lot of money on salaries and paying taxes when building structures.
We in Europe deserve everything that has befallen our economy in the past few years. We have allowed ourselves to be the puppet of the US in their proxy war with Russia. The US has benefited tremendously at our expense.
Russians should consider themself lucky that we in the EU haven't declared war on them to protect Ukraine with boots on the grounds and bombers in the air. They are the invaders and war criminals, not the Americans. For now, we keep the Polish hordes in check, but only just.
Makes me curious why the € is so much stronger than the USD atm. I lent an American friend $1000 when it was worth ~1000€ and if she pays back now I'll have *lost* money, given that I'd only receive ~920€ especially annoying because 920€ has even less purchasing power now than it had when the exchange rate was ~1:1
It seems to be a return to the norm more than anything. The exchange rate of currencies itself does not mean much. For example, 1€ > 100 ¥ but Europeans have 0.01 to 2 € coins and Japanese have 1 to 500 ¥ coins. Only the fluctuations of currencies are meaningful.
The € is managed by the ECB and their primary mandate is not to help European economies, it's to keep the € stable. They do a credible job of it, so a lot of international investment is euro-denominated. They aren't really as helpful to ordinary Europeans in times of crisis though as the Federal Reserve is with Americans.
because EU central bank prefer bankrupting entire countries and make hungry millions of european citizens instead of take the risk of reducing the value of €
Definitely want a more in depth video on long term growth disparity! Particularly with a focus on geopolitical distinctions (energy, neighbors etc.) and productivity (tech, R&D, innovation etc.).
@@spacetoast7783 Yes, indeed. But the EU is a lot more stagnated due to physical limitations as well as the bureaucratic nature of the EU that worked two centuries ago. In the contrary ASEAN is the highest developing economic and trading union worldwide regardless if comparatively is not as developed. I feel that within a century the two of them will be very similar (even if through different means) and seeing the progression of these to up to that point is more helpful than comparing a leading economy with an economy that can't keep up with.
In the entire European continent, there are only five countries that have zero connections to the EU in some way. Those are UK, Belarus, Russia, Armenia and Azerbaijan. Every other country in Europe is connected to the EU in some way, 27 are direct members, further four (Switzerland, Iceland, Norway and Liechtenstein) are in EEA and Schengen and all the remainder (Bosnia, Serbia, Kosovo, Montenegro, Albania, North Macedonia, Turkey, Moldova, Ukraine, Georgia) are in accession talks with the EU.
Americans have higher productivity than Europeans though I suspect many in the US wish it were different. Not everyone likes working 50 out of 52 weeks and working mandatory overtime. The US dollar being the reserve currency is a big help as you say. I fully agree that the USA has an advantage in both food and energy supplies and could be completely independent if need be. Another advantage that you didn't mention is the large land area available for farming, forestry, development, etc. plus having extensive coastlines. It all helps.
The legal weekly full time work hours in the US is 40. Where do you get your 50 to 52 hours from? Jesus. Is that one of those European exaggerations about America, again?
This applies on an hour for hour basis, though. 4th most productive per labor hour in the world, and even more at companies with the four day workweek, where productivity and output remains the same despite a 20% reduction in working hours (and more and more companies are in fact implementing four day work weeks in the US now).
@@glendacastillo6504 I think that used to be true, and to some extent still is, but I think that it is less true now given that wage increases have largely gone to those at the bottom of the socioeconomic ladder.
MOST rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
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Can't assimilate immigrants with far right lunatics wreaking havoc with impunity and politicians from the center using them and allowing massive misinformation campaigns for short term gains.
I’m an American and we assimilate immigrants better because we aren’t close to the Middle East or Africa and don’t recieve millions of immigrantsts. If we had to deal with what Europe had we would have similar strife they are dealing with. We recieve the wealthy educated immigrants who want to be here and are less likely to radicalize. Let’s live in reality here. However I will say I’m even if u aren’t wealthy and educated and you’re an immigrant with some drive, they can kill it over here, u see so many immigrant owned large businesses that started from nothing
two remarks: E vs US dollar. When the EURO was created, it was defined as 1:1 with the US dollar. Now, 24 years later, we still see an exchange rate close to 1:1 despite all critics predicting the failure of the euro. And before 1999 we signed contracts in ECU. Two: in the EU food is so much more controlled, organic, safe and of much higher quality and taste: it makes sense that it is more expensive. I personally prefer to pay more to get better.
This is incorrect; the Euro's value was not based on parity with the dollar when it was introduced; it was based on a formulae of 2 German marks per Euro and it's value against the dollar fluctuated even before it was put into public circulation depending on the value of the Deutschmark.
EU not Europe... It's a bunch of reasons but a big part of it is not tackling real issues. Mass migration, trying to force every EU country to forego their own independence and operate as a state.
The USA has a few advantages over the EU: - a wealth of raw material, oil, gas. All stuff that the EU needs to import from dodgy regions. - it has a large home market for a long time now, whereas the EU is comparibly in its infant stages of being one big integrated market. And don't forget the influence of the petrol dollar.
The EU, unlike the USA, China and Brazil, don't have natural resources of their own. Therefore they will never be a superpower without the exploitation of Africa for resources like Uranium and Manganese. It is impossible for them to be a superpower (and even the power that they have now) if it weren't for the neocolonialism of Africa.
@@moonshine8255 só the US created it's own infrastructure just like the European countries did, and have done centuries before. Don't see the "credit where credit is due" in your examples. None of them addresses the points of advantage I posted about.
I just note that France has note been mentioned during the whole video... Wich makes sense since they outperformed both their neighbours and America... And the thing is that despite all the social mess there is currently, the economy is doing more than great... The reason for this is explained by the video: most of what is driving inflation up in Eutope has a smaller importance in France since they have nuclear energy and a strong agriculture.
Two things : 1 Africa is not the only source, it however is cheap, so the longer we keep it the better 2 there are many other countries who could supply France In the end there is not much to worry about
“This is why when putin cut off the gas.” - it is lie. He did not. US did his best with NS1 & NS2, and war in Ukraine played another role, when Europe cut themselves from Russian cheap energy.
USA has their own oil and gas, they have a supplier who is also rich in oil and gas (Canada). EU made an enemy of their cheap oil and gas supplier, that has consequence.
It doesn't really matter. Oil and Gas are sold to work market prices in the US. There is no law giving domestic buyers rebates or preferential treatment or price limits. And to correct your statement: Europe made no enemy, Putin did. And "only" to 42% the amount of energy imports from Russia.
@@AaronOkeanos Not exactly true. If you don’t have possibility to export all your gas (due to infrastructure limitations) then you forced to sell domestically lowering domestic prices. That’s why many Americans didn’t wanted to export gas (if I recall well, there was legislation preventing export) and some still oppose it. The markets where natural gas is negotiated is different, in Europe (usually TTF natural gas) and USA (nymex if I’m not mistaken). Same goes to oil.
I don't think the economy is broken, in fact, if you look at it, it's held up remarkable well considering how it's having to transform the energy sector in such a short space of time, after all, many predicted things to be far worse, that it's not actually shows a lot of resilient. That doesn't mean what's going on with energy doesn't hurt the economy, because it does, but it also offers a lot of benefits long term by forcing change a lot sooner than it would have been. The truth is, according to the stats, the US has been outperforming the EU for the last 2 decades, at the same time, the quality of life index have been widening in favour of the EU over the last two decades, with Europe more or less dominating the top 10. So the real question is, what's more important, quality of life or wealth? It seems to me that Europeans, especially western Europeans in the EU have the better end of the stick because wealth is more distributed and there's less poverty, whiles at the same time, a strong safety net for its people, now don't get me wrong, you need a reasonable amount of wealth, but given the choice, I suspect most of us would pick quality of living over more wealth. The irony is, the US could have more, but the problem is that too much wealth is in too few hands, so you get the impression that Europeans are better off than Americans in a lot of ways. At the end of the day, whether an EU or US citizen, I wouldn't worry about it, as long as the fundamentals are in place, the quality of life should be good enough for most of the people, it also means that change can speed up or slow down depending on need, like we saw with the energy transition in the EU, that works in almost any area depending on need.
Problem is European social nets are cracking under the dramatic increase in new residents who rely on it, and the energy situation is gonna get worse after European subsidies for industry can’t keep up.
Nah I don’t buy this. If you live in a good US state your quality of life is solid and a better economy means you’ll have more opportunities to increase standard of living well into the future.
@@moonshine8255 even the poorest states have wages typical of Germany or Sweden. Obviously it’s a little more complicated than that and we can argue about healthcare “which poor Americans get free anyways”. But even a guy in Mississippi can make 100,000 plus income without any advanced education or training. That’s scenario is virtually impossible in Europe outside perhaps Norway.
5:20 I remember a couple years back Donald Trump at the UN stated that Europe was relying too much on the Russian resources. The German delegation laughed at him. There not laughing now are they!!!!!!!
Maybe letting Africans die in Mediterranean isn't a good policy after all then. You take their resources for your industries might as well take the people too?
@@adineatha9766 that is confusing. You would be losing people still and the Scandinavians are so Americanized at this point idk how you could tell who from who.
I live in America, idgaf what those charts are saying. It's bad here economically and it's not getting better for the avg. citizens. Those charts are tracking gold, not food. We're homeless on streets paved with gold
GDP and growth is such a dated way to see progress. The EU enjoys a higher quality of life on average as well as better standards of living in all categories of life. Where's your free health care US? Imagine seeing a sick and starving family have to buy insulin for their remaining earnings and having zero job security if you get ill. Seeing your relative die because you can't afford to keep them around, what a country.
The company I work for in Germany, a specialized wholesaler, is doing great. Very different perspectives for different types of companies at the moment.
While the US did hike rates it also massively increased spending through the Chips act and the inflation reduction act. Thus stimulating large scale capital spending in the US, this came in the form of 110 new factories.
It also increased taxes on wealthy people and corporations to fund that. This effectively meant diverting income and wealth from mansions and yachts to manufacturing, which is turning out to be more efficient.
@@unconventionalideas5683the US totally did not do that, in fact when dems were in total control they only cut taxes on the wealthy through SALT, stop giving them so much credit because it didn’t happen.
Europeans when they talk bad about the US- 😃
Europeans when something good is in the US- 😡
It's old-fashioned jealousy. The better the USA does, the more they hate us.
It's old-fashioned jealousy. The better the USA does, the more they hate us.
i am not european but their obsession with America is just insane. They hate on America 100 times more than Americans brag and boast about themselves.
Sometimes, but mostly not true.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
Could you possibly recommend a trustworthy advisor you've consulted with?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
The US has far fewer supply chains affected by the Russian invasion of Ukraine, thus did not suffer major food andf fuel driven inflation.
US is buying Russian uranium because it needs it , US takes cares of it intrest...
That's not case with EU.. it's a slave continent of US , ready to sacrifice itself for US to maintain its unipolarity.
Imagine they can't even speak about who destroyed Nord Stream Pipeline. Such a pathetic state of slavery of Europe.
Plus the USA has law that beats inflation. Thus this makes European products become expensive when they enter the US market. Fair?
Yes this is a significant piece of the puzzle
@@MSDGroup-ez6zk "USA has law that beats inflation." What does that even mean?
@@LuKiSCraftThe Inflation Reduction Act is to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. -Wikipedia 😂
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
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Yeah, definitely do more videos on the differences between the European and American economies. There's so much to dig into here.
You summoned the bots wtf
the bots are starting to talk to each other noooo
The bots are evolving
@@julian5086don't let them know maybe the become self aware
The TLDR team is too small to produce reliable content for non-UK issues.
I love how part of the blame (or seen as a problem) is american workers working from home and not wanting to return to the office. Its like working from home save you money on gas, time, and helps you avoid buying anything unnecessary (ex: coffee, lunch, etc).
Actually, a lot of workers are going back to work. There is a labor shortage over here though
@@sharonmontag2389 labor shortage as in alot of people cant find jobs that pay for their bills and and more, when apartments and houses are unaffordable to most. Why bother working when youre going to have less at the end of the month than before ?🤷♂
Really stuff that keeps the economy going..
Productivity increases with WFM. Less distractions, I shut myself in my office and begin working right when I wake up. At the office, too many people want to talk.
@@posticusmaximus1739 - depends on the person and how experienced they are in the job. Onboarding folks during the pandemic sucked, and (at least in my industry) they end up lagging behind in the core competencies and ability to interact with their peers. (They literally don't know who to ask for help, and don't know their jobs as well as in-person workers did during an equal amount of time on the job.)
In contrast, experienced workers seem to be able to work from home just fine, and yeah - they seem to have the increased productivity numbers....if they like working from home. Some don't, and prefer to come into the office. (I do - because my commute is my exercise, the food is free in the office, and the office facilities are really nice and there aren't a lot of people around.)
TLDR - the EU, which is in Europe, is suffering from more inflationary pressures from a war in Europe than an energy and food independent country a continent away
Exactly. That and the fact that the dollar has a special status in the world.
Wanted to write the same comment before wasting 10 minutes on a very long TLDR news edition 😂
Yeah, the sanctions the US forced the EU to impose while avoiding them themselves are hurting the EU but not the US, who would have guessed?
TLDR News a few Months ago: "Europe is forced into a harsh energy transition that will hurt economically!"
TLDR News now: "European Economy not growing - the end of Europe? How could this be?"
... 😶
Well, but now it is way worth to get to US gas reserves using expensive technologies such as fracking because the EU has no other chances but buy it at a humongous price. Clever.@@DarkHarlequin
Would love to see another video about the growth disparity between europe & the US
Britain is the only European country left out, but its inflation is 2% higher than the EU average. Its pretty much the same news for all of Europe at the moment and its all down to energy crisis.
Would be more interesting how much an European citizen can afford in average now and before corona, compared to US.
What does growth bring when citizen can't afford more?
What does low unemployment bring when people need more then one job to afford living?
@@davidjacobsen308 Yeh it's almost all food inflation that's the difference in the UK probably because the UK had the cheapest food in most of the world pre Covid now it's insane like 300% more expensive in many cases.
Not much to say: Europe can't cheat its way into prosperity and print money indefinitely, exporting inflation to the rest of the world.
In short term, much of the difference in economic recovery speed can be explained by strong government spending in US. In long run, things get more interesting as US is more successful at capturing new and growing industries, while EU is riding on legacy industries while facing serious demography issues.
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
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Her name is “Stacie Lynn Winson” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
right now the Federal Reserve is keeping interest rates high to lower inflation. What's SUPPOSE to happen is consumer spending slows as you see in home buying which it has with higher mortgage rates. The Federal Reserve wants the inflation rate back down to it's targeted 2%. Still they want a soft landing meaning inflation goes down and there isn't a recession that results in big job loss. Right now inflation is at 3.4% and it's going to be a while before it gets down to 2%. The Fed is wanting to have rate cuts, but that means inflation has to go down before that happens.
The U.S. is also reshoring a lot of manufacturing from abroad, that's also helping.
The US also benefits from a close economic relationship with Canada and Mexico - these three countries are fairly symbiotic.
no
@@buttAttackWdym "no"🤓
@@buttAttack yes
Yes, and European countries def suffer from a lack of close economic ties with each other....No way for them to foster economic ties with other nations. No framework, or Union if you will, that would allow close economic ties. No single market currency. No standardized regulatory body. No free movement of labor. Sometimes people make comments and I wonder if they had their full cup of coffee that morning.
@@austinquinn476 The single market currency is what is keeping much of EU down though. Out of all the EU members, the ones who have a higher growth are those who retained their own currency, while the euro zone is performing worse and has been performing worse for years.
Economic ties are close. Each member is interdependent. The problem is that the single market does rarely allow deals outside of the market.
Please don't use the term "lower prices" in context of inflation. Your prices still go up, just not as much as under a higher inflation rate.
A way to reduce wages is to raise them less than inflation.
To have lower prices, a country must undergo deflation.
@@petergray2712 Why do you say this? You can increase efficiency. Think about it: *adjusted for inflation* we are all hugely more wealthy than ten, 100, 1000, 10000 years ago. Your phone is what we used to call a “supercomputer”. Your car has several hundred horsepower. You can vacation on a different continent. There are houses and restaurants and libraries.
It's entirely routine for real-terms prices to drop; it's what we call “progress”. (The challenge, it turns out, is more in doing this without breaking the environment. Ironically, the conservatives-who are the ones trying to persuade us that we deserve less-are also the ones who don't seem to care what damage we do. The future is evidently one of those things we deserve less of.)
@@petergray2712Incorrect, you need wage growth that outpaces inflation- something the bottom quintile of society has been having for a while now.
@@alucardwhitehair That's not "lower prices" though.
Europe has 2 problems :
- Lack of different energy source, making it less resilient to events like Russian invasion, or OPEC policies. That is being solved at a very high pace though, I think this will not be a problem for Europe anymore in 10 years, maybe even 5.
- Lack of R&D funding, and tech industry. Europe really underfunded their research and development and tech industry since 2 decades.
Making the average European worker way less efficient than an American one, or even a qualified Chinese one. It is a massive shame, as Europe need efficiency, since they want to focus on more social benefits.
Plus, they largely have the infrastructure, money and education to become leaders in R&D and tech. The hold-back come from old and massive European corporation in heavy industry and automobiles, who has too much influence on European politic and don't care about R&D and tech.
I believe that the EU has enough R&D funding, but we mostly spend it on things like healthcare or renewables, etc. That are like... Great, but they dont make much money.
European countries have taxed their economies to death with the wrong sort of taxes. Now comes the reckoning.
Our biggest problem is the fact that our citizens are aging and we aren't compensating the loss of workforce by either human or non-human forces.
Also the lack of people who work fulltime compared to the USA or East-Asia.
Europeans are actually much more efficient than Americans. Because we simply care more about our free time, we work on average 200(?) hours or so less than Americans on yearly basis.
Also, on the energy resources... the USA is self-sufficient. We are not and are relient on Russia, Norway or OPEC to deliver us oil and gas.
It is easier said then done to buy from other markets, because American and OPEC are delivered by shipment and that simply costs more.
Lack of R&D funding is the case though, we dropped the ball on that in the EU.
Car 🚘 industry lobby is king 👑, mainly in Germany!!!!!
European's also have smaller brains than American's. Its science
Individuals are significantly more vulnerable to inflation than they are to a collapsing stock or property market because it directly impacts people's cost of living, which they immediately feel. It is unsurprising that current market sentiment is so negative. Aid is necessary in today's economy if we are to survive.
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yes. America has had an abundance of cheap energy from fracking and no war. Europe in comparison was been reliant on Russian gas, Chinese exports and a huge conflict on it borders.
Basically America sucking Europe’s blood
Fracking is being closed. No War under Trump correct.
We kicked ourselves in the teeth by boycotting Russian energy and the US or Ukrainians or British blew up the gas pipeline.
@@henrybn14arI would rather be slapped in the face, than let Putin take over Ukraine.
Not to mention a demographic collapse not seen since the black death.
I liked this video a lot. As an American, I hadn’t heard of this of this story, and while often I find TL;DR’s analysis to lack depth (which is understandable considering their name and short video format) I found this video specifically to be quite well done. Still, European economies have strong fundamentals, and I expect they’ll recover once the energy crunch is over. I’ve had a fair bit of economics schooling (and a degree) and I expect this trend will fade in the medium term.
As a minor quibble, I’d ask how military spending “inflates” American GDP. The government spends more than Europe does, but that’s not fake growth or less real growth than European (or anyone else’s, including America’s) consumer driven growth. It isn’t as if money spent on a missile is any less “real” than money spent on say, healthcare or food. It’s economic growth all the same, disagree with it or not. And jobs in the defense sector are quite lucrative for those employed in it. Additionally, it isn’t as if anyone expects American military spending to decline anytime soon, so it’s not a short term thing. I politely disagree with the term “inflated” here rather strongly and would ask TL;DR to defend that characterization on any terms besides European aversion to defense spending.
Why do people do this? You literally commented one minute after the video was uploaded and the video is 9 minutes long
@@cocacolaenjoyerI think you should refresh, I’d watched the whole video before commenting and when I commented, video was 11 minutes old. I happened to click on it a minute after to uploading and when else would I comment besides right after watching? I also skip the sponsor stuff, as I’ve heard it a few times before.
An American coping for Europeans? How American lmao. Just take the rare W.
I would say government spending on defense inflates the GDP because it's gigantic stimulus from the state that is buying all the military stuff - it's not an indicator that the free market is doing well on its own.
It's as if France decided to create a strategic reserve of let's say cheese and pumped billions of euros into it - it would most certainly bump the GDP of the country but would it mean French economy is doing so much better? That it's free market is doing great? In a way yes, because the state invested and spent the money but it feels like cheating when states make such huge purchases.
Now when I think about it, it's like subsidies - the state gives away money to companies and they spend it, further increasing GDP.
I think the idea behind military spending being less valuable to the economy is that it doesn't contribute to further economic activity the way something like say car would, but at least some of the techonology developed this way ends up in civilian sectors and USA sells quite a bit of military hardware which recoups some of the costs. So not a take I really agree with. (I'm from EU)
It should not come as a surprise that Europe gets hit harder by the Ukraine war and energy crisis.
Also in Germany we have yellow colored road block against investing anything. The us heavily invested in transforming its energy which led to a growing economy. The current German government is literally fighting around every cent that has to be spent. The „schwarze Null“ (avoiding debt, almost at all costs) has and is really damaging to the German economy because necessary investments to insure energy security, rebuilding/bettering infrastructure or education have and are being blocked. Instead of looking at where unnecessary spending can be cut those investments into German future are blocked because apparently one of the richest countries in the world has no money. The idiocy behind it is that it’s not only social projects they are blocking but direct investments into industry. But also we massively lack leadership in the coalition because as it seems the largest party seems to give jack shit about that and leave the two smaller parties squabbling. Scholz has been a real downgrade to Merkel as chancellor.
You are joking?
Merkel and Schäuble started the whole Schwarze Null nonsense and caused 12 years of no investment, even initiated the shutdown of nuclear plants.
Merkel was and her cabinet of not getting anything done living of cheap Russian energy were a catastrophy in the long run.
What exactly should the present government do now? They have inherited a bag of lack of investment, have to deal with the inflation, the war in Ukraine, the lack of tradesmen (thank you Merkel again) and the lack of a vision of the previous government
This is so true
Germany problem is that you all feel so guilty about ww2 you don’t speak your mind
Germans are good people and Germany is a force for good in the world
Every country has a dark past, humans were all savages in the past nothing we can do about it but get over it
China is the new nazi Germans and Russia is just a powerful North Korea
There’s a reason most of the ussr begged to be in nato
It was EU decision to buy natural gas and electric power via energy markets. Thus the war in Ukraine has nothing to do with the so called energy crisis.
While I agree that Scholz is a bad chancellor, let us not forget that it was Merkel that blocked almost every necessary reform or investment for her 16 years in office. Education, renewable energy, infrastructure, all these problems where entirely foreseeable, but Merkel and the conservatives did nothing.
Trump was right about one thing in particular - Europe made a mistake by hamstringing their own energy production growth and therefore relying on Russia.
I am not big on trump but even I agreed on that. It was obvious but they didn't listen because you know. It is Trump. Gives *attitude.
yeah, its the Russia fault for blowing up their own pipe, am I right boys
No, EU would have a much weaker economy today without Russian gas and it basically shot itself in the foot with the anti-Russian stance.
Now they’re buying proxy gas from India or America at much higher rates. 😂
C'est sûr que depuis que l'Europe achète son gaz à vous les Américains ça nous coute plus cher ! la France à ces propres fournisseuses, mais certain pays comme l'Allemagne et beaucoup d'autres vous, on fait gagner beaucoup d'argent, voilà pourquoi vous aviez une inflation moins forte, Ne vous leurrez pas si l'Europe tombe vous tomber aussi ! le monde est devenu anti Occident comme jamais ! L'Occident est devenu malgré elle une seule entité de survie contre le tiers monde qui souhaite ça mort !
You give that quote to Trump? It has been said repeatedly for more then 2 decades. Obama said it in march 2014 "Obama tells EU to do more to cut reliance on Russian gas- reuters". Bush said it multiple times under his presidency, even in 2006 before Putins famous Munich speech in 07. "U.S. President George W. Bush has suggested European countries would be wise to diversify dependence on Russian energy resources so they dont have to worry about the supply of energy". Hillary Clinton warned Europeans about Russia using energy as a political weapon in 2009, after the russians attacked Georgia, in fact no one has been a thorn in Putins side as much as Hillary Clinton.
It has been warned against from every international energy agency for decades, all intelligence services, and most world leaders for at least two decades. Trump just parroted something he was told to say after shit turned sour, Trump wouldnt be able to point out moscow on a map, dont fool yourself to believe hes a strategist. Trump more then anyone else in global politics, have made Putins politics ten times easier to pull off.
The US biz economy is very strong - but things are still extremely difficult on average people. Most economic growth still goes to big biz and the wealthy.
Not during Joe Biden’s presidency. Wages are outpacing inflation, especially at the very bottom end of society, economic inequality is actually decreasing, and profit margins are normal by historical standards.
yes, thank you!
This is an excellent point.
Not necessarily, the average jobs pay extremely well here. I think you are referring to the fast food/retail industries. My job in America, I get 120k per year, the only thing I needed to do was going to a two year tech college. We have plenty of opportunities, we need to change the culture, not the system. This new generation is just too lazy, spoiled and are uninformed. Remember....you decide your outcome, don't blame anyone else but yourself.
@@socomxxKeep slaving away, that’s how they control you
EU could have responded differently in 2008 to guarantee access to Middle Asia countries natural gas, Azerbaijan oil, Ukraine food.
Azerbaijan, the country that is also committing a genocide as we speak? I thought that was a hard line.
@@sloppypotato2403we support none in that fight, but remember me the terrorist attacks jews did in Europe.... even if palestine certainly get more sympathy from a lot of people.
@@saturos53 Google search "Azerbaijan genocide" returns genocide of Azerbaijan civilians:
«The Khojaly massacre was the mass killing of Azerbaijani civilians by Armenian forces and the 366th CIS regiment in the town of Khojaly on 26 February 1992. The event became the largest single massacre throughout the entire Nagorno-Karabakh conflict»
@@saturos53 for 30 years RF fought proxy war against Azerbaijan to block its oil from flowing west.
During 1992-1993 the UN Security Council adopted four resolutions (822, 853, 874 and 884) and made six statements of the UNSC President on the Armenian-Azerbaijani conflict. They confirmed the territorial integrity of Azerbaijan, condemned the occupation of the Nagorno-Karabakh region, demanded the immediate cease-fire, suspension of hostilities and withdrawal of all occupying forces from the territory of the Republic of Azerbaijan. The Armenian side partially complied with some of the demands of the Security Council and has totally ignored the demand to withdraw its forces from all occupied territories.
They have benefited a lot from Russia's oil since it is cheaper and ready for import. Ukraine agri will also kill its own EU agri production.
US has a very large ratio of fixed rate loans which punishes morgages far less, this gives americans ability to raise rates higher and faster without driving people out of thier homes and inflict less consumer pain.
Interesting. What is the average fixed rate in the US?
But that locks homeowners into not moving house, reducing job mobility which can be inefficient.
@@mikicerise6250
High 6%s / 7
@@mikicerise6250it's around 7%, the highest since 2002, and that's for the 30 yr fixed mortgage rate. 15 yr is half a percent lower at around 6.5%
Not really. American's are today saddled with far more education and credit card debt, which are strongly impacted by rate hikes. The simple fact is that for Americans cost of living is increasingly unmanageable, with the average working american already spending 80% or more of their take home income on just housing (without utilities) food and health costs.
Super cool, thanks for sharing with us y’all!
Well the EU went from brexit to pandemic to russian invasion with pretty much no break inbetween. That might have something to do with it.
The EU has been doing a fantastic job considering what its fighting against as well as national governments being difficult at every turn.
@@moonshine8255 Cope yourself, no bankrupcty by getting yourself sick ;)
Such a large part of Europe’s economy is based upon tourism. When economic times get hard, luxury spending is the first to go
Luxury spending is the only industry that never suffers from economic crises because rich people will always have money and want that sweet sweet status symbol.
But yes, tourism (which is not part of the luxury industry) does indeed suffer during economic crises.
USA Is top 5 tourists wise in the entire world. Off u wouldn’t know this.
@@manueloctaviomartinez3173 You just lack understanding, you being a top 5 in something doesn't mean you're as dependant of it. A small country that get most of his money off of tourism would be more impacted by a tourism crisis than the US despite being far from the top 5.
@@mardasman428 Luxury, in this context just meant "superfluous" not luxury as in French luxury brands.
@@heroe1486 ur flexing EU has lots of tourism like USA doesn’t. You imply it. Either way. Who’s fault is it y’all rely on tourist? Poor socialists I hope one day y’all learn about economics and borders. Bro saying it like it’s USA fault y’all are broke and rely on tourism😂🤡. Also , half of the EU countries are poor and customer service is garbage. Poor Italians for example are disrespectful to tourists in general while their life depends on it😂😂🤡🤡
Unless I missed it, you didn't mention that the U.S. produces most of it's own energy.
its own not it's (=it is)
@@prplt it's is correct in the same way that "Tom's" is correct. Just because the people who write the textbooks are retarded doesn't mean we all have to add yet another exception to our convoluted language.
@@AUniqueHandleName444 it's means it is whereas its is possessive
Kinda. It exports more than it imports, but natural gas doesn't run in cars and trucks (generally).
ironic how theres a video on how the eu is falling behind america when 99% of americans think the economy is in ruins....
Because europeans tend to use public expenditure to make Life easier for the citizens of the EU while america doesn't, america concentrates mostly on producing while treating people like literal slaves, this Is why most people in America have debts and go into poverty wich makes them think their economy Is falling apart, economy doesn't equal wellness of citizens
But It was bad and people haven't realized that it's going well because politicians and media get better benefits from panic
Interesting, can you direct me to that video
@@Bottleofwater-n5y , the EU's public expenditure will have to be cut eventually as it is unsustainable. Aging population and low birthrates is going to be their Achilles's heel.
@@Bottleofwater-n5yNo. The point is American people have to survive on there own and doesn’t rely on government support. All of the railway and taxis are run by the private company. And all of the consumers in America is run by American private company. Even America can’t shutdown Google because it’s not in American government unless they ran out of money. So it’s not slave it’s just that you got to survive on your own
An idea, would it be possible for TLDR to compare US and China economies, since they are the two largest?
No, as it's highly partisan...please look at pervious videos. My opinion.
Previous apologies.
they do this quite often
But China’s official data is often suspect (for both higher and lower) so hard to compare
China's not even the 1'st world country yet.
Moral: don't squabble with people who supply you with the essentials of life.
USA interference in Ukraine. they did it on purpose
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Here wego
Given the EU's demographic crisis, the gap will only grow.
We must hope people start having babies again instead of being distracted by social media and stuff.
That's an issue for almost all modern countries, if it wasn't for immigration, the problem would be far worse for developed countries, even the US.
People seem to want to have far fewer kids nowadays and if you look at the stats, a lot of the growth is coming from immigration, either directly or by them having more kids than the natives, this is more or less happening in every modern country, the US is no exception and if you look at the countries that have a bigger population decline, they tend to be the ones that bring in fewer immigrants, Germany probably being the exception to that one.
EU needs mass immigration
@@adineatha9766 People are not distracted by social media. They are overwhelmed by the rising cost of living. Couples are most fertile at a young age, in their twenties. It is the perfect time to start a family biologically speaking. Young people cannot afford to buy a place to live and often struggle with living costs altogether. And if for some reason they still get babies, at least one of the parents and ideally both have to focus attention on childcare instead of career. Hell, if you just want to save up money to buy an apartment, that takes literal decades of savings nowadays. And childcare costs money too! Keep in mind that in order to have positive demographic growth, they would have to get at least 3 babies. The fact this number is considered high in many places nowadays is very indicative on how deeply entrenched our demographic crisis really is.
@@adineatha9766 people dont have babies because they're expensive
Europe has been flatlining since 2008.
There is also one good thing. Iphones in America are very VERY cheap, unlike here in EU we get them like 200 to 400 dollars more...
The economies can be explained like this:
The US thinks that you should to somehting until you are proven that you shouldn’t.
EU believes that’s you should only do somehting if proven absolutely right.
Would love to know more about the differences between the economies of the us and eu and thanks for your great effort.
What's the -3% for the UK at 1:37 meant to show? The UK economy isn't shrinking it's growing, albeit slowly?
They keep using the old data because the new data doesn't serve there pay masters in Brussels. This whole channel is pro EU propaganda.
I saw the same thing. They have a anti Brexit bias so they have to paint the U.K. in a poor light.
US food and energy independence are the keys to maintaining a healthy economy when a crisis occurs.
1000% correct.
It's crazy that food and energy independence were huge reasons as to why Germany took control of so many lands during World War 2 and Europe still continues to have this problem of lack of reliable food and energy today.
@@OFFICIALDJFLASHBACK Blame Churchill. He was anti-communist but started a war not with communists, but other anti-communists.
US is not exactly independent. Yes, they export more than they import, but not all forms of energy are interchangeable. The US produces a lot of natural gas, but you can't (generally) use that in vehicles.
@@spacetoast7783
That is a good point. None of the less, the US is are far more independent than Europe. Further, by exporting so much, the US has more negotiating and trade power.
This is a great channel when it's not spewing propaganda
EU has a lot of outdated restrictions and overly complicated bureaucracy. America is more focused on economic growth, Europe on HDi.
America's HDI is higher than the EU. And if you're going to look at individual countries, I can do the same for states, in which case Massachusetts (which has 1 million more people than Norway) has a higher HDI than anywhere in Europe with the exception of some of West Germany and a few capital cities
America's HDI is higher than the EU. And if you're going to look at individual countries, I can do the same for states, in which case Massachusetts (which has 1 million more people than Norway) has a higher HDI than anywhere in Europe with the exception of some of West Germany and a few capital cities
@@sulkelhdi doesnt take into account economic inequality, which the US had a high index of
@@TisDansk no it doesn't. Higher than Europe, yes, but not by a wide margin. The American median disposable income is the highest in the world; there may be less inequality in Europe, but only because everyone there is poor lol
@@sulkelEveryone is not "poor" in Europe lol
You missed that the US has printed a tonne more debt that European countries since Covid. Look at government, household and company borrowing rates and they are much higher in America. More printed money = more brought forward growth that needs to be paid back in the future.
That is irrelevant for reserve currency like the dollar where essentially you can export domestic inflation
America has always done better than europe and now they seemed to be concerned🤔
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I still remember when the EU was called the Common Market... Yep, I'm old.... ;-)
Why is the US ahead of almost everyone else?
1) They invested in the right sector, IT.
2) They pay who work and deserve it, not who's lazy and want to live on benefits.
Great post. Give us more!!!
In Europe, people work to live, and in the US, people live to work and consume. The whole answer why the US has a faster GDP growth ... but no one checks what the social costs are.
That is real!
Yeah go to Italy and enjoy your 900 euros wage
@@skybananaqueen4051 but it is enjoyable. Italy is nice to be in.
What are the examples of social cost?
@@skybananaqueen4051 Ok please explain no worries.
😂That “thanks for your email, I’m currently on annual leave” really left me rolling on the floor laughing . xd So European-esque
The US is the world's largest energy producer, exporting a net surplus of oil and refined oil products, and natural gas as LNG. The US also exports a surplus of food.
Add to that a massive infrastructure rebuilding program and manufacturing actually relocating to the United States from Asia.
Gasoline and diesel recently went up, but only because of temperatures in Texas and along the Gulf Coast becoming so high refineries became inefficient in operation. That actually caused inflation to tick up above 3%.
The United States is just in a very enviable position. Saudi Arabia is actually in a recession and is cutting production to keep prices high. Which the US just takes advantage of by producing and exporting more oil and natural gas. If Saudi Arabia abandoned all production cuts and flooded the world with cheap energy, the Service and Manufacturing sectors of the US economy will take off like in the 1980s, 1990's, and the mid 2010s.
Even after the shake out of the new renewable technologies, the US is set to retain a good position economically.
- The Europeen Contrys ???
- Had the choise ???
- Only France was concern money wise in the Lab in China ??
- Why all the other Contrys did not sued the lab ???
😢😢😢😢😢😢😢
🤬🤬🤬🤬🤬🤬🤬 1:49
The EU thinks its important. In reality it is impotent.
And pompous, and arrogant, and also lazy which makes (most of) them less productive than the USA.
Yes to more videos covering the economic history of USA vs EU!
Decades of socialism would brake ANYTHING ...
You didn’t mention that the US also had a double dip in growth over the past few years while the EU only had one. And EU countries maintained high employment through the pandemic while the US still hasn’t returned to pre-pandemic employment. If you cut more, then you have more to more room to grow later.
as an american, i can tell you that for normal people the economy still sucks here. "the economy is growing" but not in a way that translates into more jobs, better wages, or job security for average workers. the numbers we are looking at mostly affect how much money rich people are making.
How's the purchasing power? can you afford less or more?
@@mortvald i have not lived outside the USA so it's hard to compare, but for most normal people the most difficult parts are housing and healthcare. housing in any area you remotely want to live (any major urban area) is crazy expensive, and to find somewhere with cheaper housing you will be VERY far away so you'll end up spending a bunch of extra time and money on transit to be able to go to a job. and, as many might already know, the healthcare system in the USA is a trash fire. we have very good doctors and hospitals, but everything is private and for profit, and for the most part people either have to pay out of pocket for insurance every month, or it is a benefit from your job. and the insurance plan you have can dictate which doctors/hospitals they will or will not pay for, refuse to pay for a treatment your doctors says you need, etc etc. even if you have good insurance, you could be in an accident, incapacitated, and taken in an ambulance to the closest hospital, which is the "wrong" hospital according to insurance, and end up with a massive medical bill.
i have heard from many people that gas/petrol is cheaper in the USA than many other countries, but this is somewhat offset by the fact that our public transit in most areas is a joke, so you are most likely gonna need to drive a lot more here than in europe for example.
food, again hard to compare. when i traveled to japan the dollar felt strong and i could get food for what felt like cheaper than at home, but that could also be due to exchange rates (the yen is really low against the dollar in recent years.)
i just know by talking to many EU friends that they tend to have an image from the news, TV, movies, etc of the USA as being a really rich country - but it's really more like there's a small percentage of VERY rich people, while most people are actually living paycheck to paycheck or have just some small savings. consumer and labor protections are pretty weak here compared to the EU.
anyway sorry for the novel, lol, thanks for coming to my TED talk.
You're just lying. The past two years have given American workers the biggest wage increases in decades, and it's disproportionately going to lower income quintiles.
@@mortvaldPurchasing power has increased for average and below average earners in the US.
@@spacetoast7783 have you ever even been to america? lmao
what supposed motivation do you think an american would have to lie about this?
i'm just telling you my lived experience. are there people who are well off? yes. are there also a lot more people who are struggling? also yes. if things are so amazing here why do you think so many workers have been striking in the USA this year?
I would definitely love another video on US's GDP stuff! It's really interesting!
Many thanks for the video you post, they are with good contents and very clear to understand even for people who aren' t in the field of finance and economy
This is the EU price for “friendship” with USA 🤷🏻♂️
Last time I checked, the term "inflation" refers to a *general* rise in prices.
Most of this video talks about *specific* rising prices. AFAIK, that's not inflation -- that's supply & demand.
Seems like they are literally squinting at the numbers to find the most not-inflationary price rises to talk about.
What am I missing?
Well for one thing, your average American works 40 hours a week and your average EU citizen only works 30 hours a week.
With 10 hours of work extra each week, the US easily outperforms the EU’s economy
Typically working fewer hours make workers more productive, however the US is the only anomaly as Americans are still more productive than Germans despite working 400 less hours.
It would be interesting to see more details on growth disparity between Europe and USA, but throwing Canada in there are as a point of contrast would also be interesting. Presumably Canada is less impacted by Russo-Ukrainian war than Europe, but does have more similar economic policies to Europe than the USA, so that might help to tell what the true causes are.
Great video and great to see that the US economy is doing well, hopefully the European economy will recover soon. Just to clarify in case it wasn't obvious in the video that the US is self sufficient in fossil fuels whereas Europe has to import most of the fossil fuels so I'm my opinion that is probably one of the biggest factors
>hopefully the European economy will recover soon.
(It won't)
Australia has higher average salary nowadays then any relevant EU country
Correct and that is the main reason for all the EUs problem
The EU needs to scrap VAT and the Single Market, just for a start.
@@henrybn14ar EU needs to nuke its memeberstates budget and reason for existence?
Okay, but for what purpose?
Europe does have a lot of coal, but it's not cost competitive against American natural gas
As Germany goes down EU goes down too
The world runs on energy and Europe got rid of its main supplier. What more is there to talk about?
Amen to that! 😂 Sabotage of Nord stream 2 by US/NATO affiliates burned Down in a few minutes, years of billions of euros of investments by both Russia and Germany and thus struck a serious blow to the German economy, the leading economy of the Old Continent. The US want this war to drag on a few more years, just enough to kick Europeans (and Germans in particular) in the shin.
One thing that you really need to bear in mind is that whilst the EU's economy does grow slower than the US's it still manages to remain roughly the same size.
Between 1999 and 2022 the US's GDP rose by 58.5% whilst the EU's only managed 39.8%
But the EU-27's total GDP rose from 92.4% of the US's in 1999 to 95.6% in 2022 (source OECD)
The EU also kept adding countries. Don’t remember US ever adding additional states out of thin air
@@WilhelmofdeseretWell, there are still a few more countries to add ;).
@@imperatormaximus8952 won’t matter will it? ;)
@@Wilhelmofdeseret
I draw your attention to the fact that I said EU27, that comparing the current membership so strictly like for like
Also the US it did add a lot of territory them up to the earlt 20th Century.
EU is not a country sweetie.
It's nice to see a video about this topic, there have been a lot of articles about how EU is stagnant and not growing at all. But a lot of these articles fail to mention that the UK is not in EU anymore so therefore lower GDP and GDP per capita, exchange rates which went from EUR/USD 1.56 in 2008 to 1.09 now, and the fact the US were not hit by Russian war and sanctions as EU was.
Also, aren't the big US tech companies avoiding paying taxes in EU? We are talking about the richest companies in the world, the multi billion dollar tech companies who bring so much wealth to the US.
No, quite the opposite. Most of the big US tech companies are headquartered in Ireland for low taxes. If anything, they're actually avoiding paying taxes in the US, heh -- although this was partially addressed when a recent accord was struck to harmonize tax rates at a flat 15% minimum among advanced countries, over Ireland's initial opposition. President Biden had pushed it heavily as a way to stop the "race to the bottom" of counties pushing lower and lower tax rates, hollowing out the tax base of governments in the age of globalization.
@@StochasticUniverse Yeah but you are forgetting that majority people who are employed in these companies are US citizens and majority of investments of these companies is in US. Therefore these companies still spend a lot of money on salaries and paying taxes when building structures.
We in Europe deserve everything that has befallen our economy in the past few years. We have allowed ourselves to be the puppet of the US in their proxy war with Russia. The US has benefited tremendously at our expense.
The economic woes and challenges facing Europe didn't begin at the start of the Ukraine war.
This been a long time coming.
Russians should consider themself lucky that we in the EU haven't declared war on them to protect Ukraine with boots on the grounds and bombers in the air. They are the invaders and war criminals, not the Americans. For now, we keep the Polish hordes in check, but only just.
Would love more US content! Perhaps, on its own channel?
There was before but few watched the videos
There is a TLDR US channel.
Idk, their US coverage is really bad. I’m not sure any of them have even ever lived in the us.
Makes me curious why the € is so much stronger than the USD atm.
I lent an American friend $1000 when it was worth ~1000€ and if she pays back now I'll have *lost* money, given that I'd only receive ~920€ especially annoying because 920€ has even less purchasing power now than it had when the exchange rate was ~1:1
It seems to be a return to the norm more than anything. The exchange rate of currencies itself does not mean much. For example, 1€ > 100 ¥ but Europeans have 0.01 to 2 € coins and Japanese have 1 to 500 ¥ coins. Only the fluctuations of currencies are meaningful.
It is partially a hangover from US COVID relief, which juiced the money supply.
The € is managed by the ECB and their primary mandate is not to help European economies, it's to keep the € stable. They do a credible job of it, so a lot of international investment is euro-denominated. They aren't really as helpful to ordinary Europeans in times of crisis though as the Federal Reserve is with Americans.
@@mikicerise6250
The EU is like the UN unlike a country with centralized systems.
because EU central bank prefer bankrupting entire countries and make hungry millions of european citizens instead of take the risk of reducing the value of €
Definitely want a more in depth video on long term growth disparity! Particularly with a focus on geopolitical distinctions (energy, neighbors etc.) and productivity (tech, R&D, innovation etc.).
energy prices, overtaxation, high labor costs etc
I feel at this point it is more insightful to see a comparison of ASEAN and EU rather than EU and the US.
Maybe. ASEAN is a lot less developed than the EU and the US.
@@spacetoast7783 Yes, indeed. But the EU is a lot more stagnated due to physical limitations as well as the bureaucratic nature of the EU that worked two centuries ago. In the contrary ASEAN is the highest developing economic and trading union worldwide regardless if comparatively is not as developed. I feel that within a century the two of them will be very similar (even if through different means) and seeing the progression of these to up to that point is more helpful than comparing a leading economy with an economy that can't keep up with.
Yes. More economics videos please.
Talking about "Europe" when you mean the EU. Two totally different things.
It's not that far from each other. Most of Europe is in the EU.
In the entire European continent, there are only five countries that have zero connections to the EU in some way. Those are UK, Belarus, Russia, Armenia and Azerbaijan. Every other country in Europe is connected to the EU in some way, 27 are direct members, further four (Switzerland, Iceland, Norway and Liechtenstein) are in EEA and Schengen and all the remainder (Bosnia, Serbia, Kosovo, Montenegro, Albania, North Macedonia, Turkey, Moldova, Ukraine, Georgia) are in accession talks with the EU.
Europe is a bunch of squabbling little countries and russia, They are too divided to be able to grow
Americans have higher productivity than Europeans though I suspect many in the US wish it were different. Not everyone likes working 50 out of 52 weeks and working mandatory overtime. The US dollar being the reserve currency is a big help as you say. I fully agree that the USA has an advantage in both food and energy supplies and could be completely independent if need be. Another advantage that you didn't mention is the large land area available for farming, forestry, development, etc. plus having extensive coastlines. It all helps.
The legal weekly full time work hours in the US is 40. Where do you get your 50 to 52 hours from? Jesus. Is that one of those European exaggerations about America, again?
@mohameddiaby6170 Most low income people work 2-3 part-time time job. It's the American nightmare. There is no such thing as an American Dream.
This applies on an hour for hour basis, though. 4th most productive per labor hour in the world, and even more at companies with the four day workweek, where productivity and output remains the same despite a 20% reduction in working hours (and more and more companies are in fact implementing four day work weeks in the US now).
@@glendacastillo6504 I think that used to be true, and to some extent still is, but I think that it is less true now given that wage increases have largely gone to those at the bottom of the socioeconomic ladder.
@@unconventionalideas5683 , well thanks for taking it right out of my mouth. And the people who work 2 to 3 jobs are about 5 percent of the workforce.
MOST rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
People prefer to spend money on liabilities, Rather than investing in assets and be very profitable.
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Demographics and our ability to assimilate immigrants.
Can't assimilate immigrants with far right lunatics wreaking havoc with impunity and politicians from the center using them and allowing massive misinformation campaigns for short term gains.
True, europe hasn’t been able to take on immigrants very well
This is what gives USA the advantage over the rest be it China or Europe.
yeah compare the type of emigrants the US get vs the emigrabts Europe has xD @@hamzamohamed2010
I’m an American and we assimilate immigrants better because we aren’t close to the Middle East or Africa and don’t recieve millions of immigrantsts. If we had to deal with what Europe had we would have similar strife they are dealing with.
We recieve the wealthy educated immigrants who want to be here and are less likely to radicalize. Let’s live in reality here. However I will say I’m even if u aren’t wealthy and educated and you’re an immigrant with some drive, they can kill it over here, u see so many immigrant owned large businesses that started from nothing
two remarks: E vs US dollar. When the EURO was created, it was defined as 1:1 with the US dollar. Now, 24 years later, we still see an exchange rate close to 1:1 despite all critics predicting the failure of the euro. And before 1999 we signed contracts in ECU.
Two: in the EU food is so much more controlled, organic, safe and of much higher quality and taste: it makes sense that it is more expensive. I personally prefer to pay more to get better.
This is incorrect; the Euro's value was not based on parity with the dollar when it was introduced; it was based on a formulae of 2 German marks per Euro and it's value against the dollar fluctuated even before it was put into public circulation depending on the value of the Deutschmark.
his signature super loud start with deflating volume..
EU not Europe...
It's a bunch of reasons but a big part of it is not tackling real issues. Mass migration, trying to force every EU country to forego their own independence and operate as a state.
The USA has a few advantages over the EU:
- a wealth of raw material, oil, gas. All stuff that the EU needs to import from dodgy regions.
- it has a large home market for a long time now, whereas the EU is comparibly in its infant stages of being one big integrated market.
And don't forget the influence of the petrol dollar.
The EU, unlike the USA, China and Brazil, don't have natural resources of their own. Therefore they will never be a superpower without the exploitation of Africa for resources like Uranium and Manganese. It is impossible for them to be a superpower (and even the power that they have now) if it weren't for the neocolonialism of Africa.
It would be easier if the EU had one universal language. Like English in most of North America.
@@moonshine8255 só the US created it's own infrastructure just like the European countries did, and have done centuries before. Don't see the "credit where credit is due" in your examples. None of them addresses the points of advantage I posted about.
I just note that France has note been mentioned during the whole video... Wich makes sense since they outperformed both their neighbours and America... And the thing is that despite all the social mess there is currently, the economy is doing more than great...
The reason for this is explained by the video: most of what is driving inflation up in Eutope has a smaller importance in France since they have nuclear energy and a strong agriculture.
Uranium from africa Will not be easy to France.
Two things :
1 Africa is not the only source, it however is cheap, so the longer we keep it the better
2 there are many other countries who could supply France
In the end there is not much to worry about
I’d love to see a video on why the us Econ is so strong
Eurovision explains it all.
You did not really get down to the real reason why EU is under performing. Which is high regulations and high taxes and all kinds of workers rights.
“This is why when putin cut off the gas.” - it is lie. He did not. US did his best with NS1 & NS2, and war in Ukraine played another role, when Europe cut themselves from Russian cheap energy.
God, I love America.
Yes please explain why the US economy is so much bigger than that of europe
Simple, US is spending like crazy
Simple answer- TAXES
I'd love a video on US GDP
USA has their own oil and gas, they have a supplier who is also rich in oil and gas (Canada). EU made an enemy of their cheap oil and gas supplier, that has consequence.
It doesn't really matter. Oil and Gas are sold to work market prices in the US. There is no law giving domestic buyers rebates or preferential treatment or price limits.
And to correct your statement: Europe made no enemy, Putin did. And "only" to 42% the amount of energy imports from Russia.
@@AaronOkeanos
Not exactly true.
If you don’t have possibility to export all your gas (due to infrastructure limitations) then you forced to sell domestically lowering domestic prices.
That’s why many Americans didn’t wanted to export gas (if I recall well, there was legislation preventing export) and some still oppose it.
The markets where natural gas is negotiated is different, in Europe (usually TTF natural gas) and USA (nymex if I’m not mistaken).
Same goes to oil.
Slight correction, the USA made an enemy of the EUs energy supply.
Perfect comment
yea eu made an enemy.. LOL
I don't think the economy is broken, in fact, if you look at it, it's held up remarkable well considering how it's having to transform the energy sector in such a short space of time, after all, many predicted things to be far worse, that it's not actually shows a lot of resilient.
That doesn't mean what's going on with energy doesn't hurt the economy, because it does, but it also offers a lot of benefits long term by forcing change a lot sooner than it would have been.
The truth is, according to the stats, the US has been outperforming the EU for the last 2 decades, at the same time, the quality of life index have been widening in favour of the EU over the last two decades, with Europe more or less dominating the top 10.
So the real question is, what's more important, quality of life or wealth? It seems to me that Europeans, especially western Europeans in the EU have the better end of the stick because wealth is more distributed and there's less poverty, whiles at the same time, a strong safety net for its people, now don't get me wrong, you need a reasonable amount of wealth, but given the choice, I suspect most of us would pick quality of living over more wealth.
The irony is, the US could have more, but the problem is that too much wealth is in too few hands, so you get the impression that Europeans are better off than Americans in a lot of ways.
At the end of the day, whether an EU or US citizen, I wouldn't worry about it, as long as the fundamentals are in place, the quality of life should be good enough for most of the people, it also means that change can speed up or slow down depending on need, like we saw with the energy transition in the EU, that works in almost any area depending on need.
Problem is European social nets are cracking under the dramatic increase in new residents who rely on it, and the energy situation is gonna get worse after European subsidies for industry can’t keep up.
Nah I don’t buy this. If you live in a good US state your quality of life is solid and a better economy means you’ll have more opportunities to increase standard of living well into the future.
@@moonshine8255 even the poorest states have wages typical of Germany or Sweden. Obviously it’s a little more complicated than that and we can argue about healthcare “which poor Americans get free anyways”. But even a guy in Mississippi can make 100,000 plus income without any advanced education or training. That’s scenario is virtually impossible in Europe outside perhaps Norway.
5:20 I remember a couple years back Donald Trump at the UN stated that Europe was relying too much on the Russian resources. The German delegation laughed at him. There not laughing now are they!!!!!!!
US blowing up Nordstream 2.
The US is yet again destroying its competitors.
I’d did this to Japan in 90s.
EU is now ham-stringed by this
Europe has a problem with low birthrates and aging population.
Countries like Norway has most of their population in like 60+ category.
Maybe letting Africans die in Mediterranean isn't a good policy after all then. You take their resources for your industries might as well take the people too?
Instead we could ask Norwegian and Swedish Americans to return to Norway and Sweden.
And ship more Europeans to Southern Africa.
@@adineatha9766 that is confusing. You would be losing people still and the Scandinavians are so Americanized at this point idk how you could tell who from who.
what resources do we take? enlighten me.@@franzjoseph1837
@@franzjoseph1837 Their people if you can even call them that are a net drain on the economy.
I live in America, idgaf what those charts are saying. It's bad here economically and it's not getting better for the avg. citizens.
Those charts are tracking gold, not food. We're homeless on streets paved with gold
GDP and growth is such a dated way to see progress. The EU enjoys a higher quality of life on average as well as better standards of living in all categories of life. Where's your free health care US? Imagine seeing a sick and starving family have to buy insulin for their remaining earnings and having zero job security if you get ill. Seeing your relative die because you can't afford to keep them around, what a country.
good for you then, European is aging.. and birthrates are not high enough to replace the workforce 😂.. but its okay immigrants can replace you
You explained the life of the bottom most level in the USA, not the average.
@@moonshine8255 but isn't there deductions in the employer provided insurance?
Food does not create inflation , printing money more than the GDP is causing inflation . Basic economy
The company I work for in Germany, a specialized wholesaler, is doing great. Very different perspectives for different types of companies at the moment.
While the US did hike rates it also massively increased spending through the Chips act and the inflation reduction act. Thus stimulating large scale capital spending in the US, this came in the form of 110 new factories.
It also increased taxes on wealthy people and corporations to fund that. This effectively meant diverting income and wealth from mansions and yachts to manufacturing, which is turning out to be more efficient.
@@unconventionalideas5683the US totally did not do that, in fact when dems were in total control they only cut taxes on the wealthy through SALT, stop giving them so much credit because it didn’t happen.
@@unconventionalideas5683What do you mean? Yachts and houses are also manufactured.