prosperity
The Associated Press

Sign of the times?

Featured Topic | Posted 35 weeks 5 days ago

Is the U.S. only the 22nd most prosperous and stable nation in the world?

We're used to thinking of the United States as the richest country in the world. But a new ranking by Jane's Information Group puts the country just 22nd in the world -- behind the the Vatican, Sweden and a host of other well-off countries. The good news? Americans still rank of Iraq and Afghanistan. The rankers said the U.S. ranked so low partly because of the proliferation of small arms owned by Americans and the threat posed by the flow of drugs from across the Mexican border.

Is the ranking fair? And if so, what happened to American prosperity?

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Ben likes: Incredibly stable and prosperous

James Joyner/Outside the Beltway

 A slight rejiggering of the coding rules might well place the United States much higher on the list or somewhat lower. Regardless, however, the takeaway is not our relative position vis-a-vis other incredibly stable, prosperous states but rather than we are an incredibly stable, prosperous state. Whatever differences in “stability” or “prosperity” exist in Luxembourg, the UK, and the US are so negligible as to be meaningless. Conversely, one would never confuse Sudan or Somalia with Monaco.

 

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Joel likes: The U.S. as an emerging market?

David McWilliams/Huffington Post

Over the years, western stock markets have been rattled by such episodes as the Latin American debt crisis of the 1980s, the 1997 meltdown in the Asian economies, or the default of Russia in 1998.

All of these stories had one thing in common: the countries were living beyond their means and were over-dependent on foreign loans, which ultimately caused the entire unsustainable edifice to come crashing down.

The reaction from Washington to these crises has always been vaguely puritanical, sometimes distinctly moral in tone. After a crisis, the delinquent countries are told -- like sinners -- to repent and change their ways. Bashing the economic pulpit, the high priests of national probity in Washington advise these deviants to endure the pain, suffer the consequences of their own aberrant behaviour, reform their ways and be cleansed.

However, now that the US is going through its own troubles, resulting from precisely the same reckless behaviour that landed the emerging markets in trouble in the past, the message from Washington is very different.

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