We’re Number Two! China Overtakes US as World’s Largest Economy

We’re not number one anymore. The International Monetary Fund just released this year’s economic production numbers and China has officially overtaken the US as the world’s largest economy: The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in “real” terms of goods and services, China will this year produce $17.6 trillion — compared with $17.4 trillion for the U.S.A. As recently as 2000, we produced Read more […]

IMF: Pain For Taxpayers Must Be Doubled In Order To Be Fair

I don’t know how much longer the Onion can stay in business if the mainstream news is going to print headlines like the one yesterday in the Washington Post: “IMF, citing $1.9 trillion in government subsidies, calls for levies to curb use.” The nineteenth-century sociologist, Herbert Spencer, had it right: there are only two ways to support oneself. One can either work and trade or rob and loot. The first option, the means of production, Spencer called “the Economic means.” The second Read more […]