Can the US fight back and come out stronger? That is the question. As "dark matter" author Ricardo Hausmann suggested, perhaps it's time the US stopped behaving like the whiner of first resort and got its act together. Consume less, produce more things that the rest of the world wants...there are so many ways to right things Stateside. But the will to do so will have to come from within. At the moment, that is hard to find. From Reuters:
economy lost the title of "world's biggest" to the euro zone this week as the value of the dollar slumped in currency markets. U.S.
Taking the gross domestic product of both economies in 2007, the combined GDP of the 15 countries which use the euro overtook that of the
when the European currency surged to a record high of more than $1.56 per euro. United States
"The curious outcome of breaching this latest milestone is that the size of the euro zone's annual output has now exceeded that of the
," the economics department of Goldman Sachs, the Wall Street investment bank, said in a note to clients. U.S.
Taking official estimates of 2007 GDP -- $13,843,800 billion for the
United Statesand 8,847,889.1 billion euros for the euro zone -- the economy of the latter passed the once converted into dollars, shortly after the euro topped $1.56. United States
The dollar sank to $1.5688 per euro late in European trading hours on Friday, at which rate the euro zone's 2007 GDP equates to $13,880,568.4 billion.
The 2007 GDP estimates are as published by the U.S. Commerce Department's Bureau of Economic Analysis and provided to Reuters on request for the euro zone by Eurostat, the European Union's statistics office.