Earlier quoted context omitted.
Well maybe European countries should have considered that before spending the last 3 decades shrinking the size of their military. Germany's military chief was ringing the alarm bells in 2023 about their inability to defend their own borders, and that was before Trump came back to power. This is the wealthiest country in Europe. Germany's GDP is twice that of Russia. EU GDP is 8.5 times larger than Russia. Yet even i…
While I wouldn't argue that Russia is richer than Germany, I think GDP is a rubbish figure - at least it clearly doesn't translate to anything I would consider meaningful. For example, can the person of today afford a higher standard of living than one of 20 years ago - unclear, food has become disproportionately more expensive, housing cost has by far outpaced the wage growth, tech has become cheaper, but big-ticket…
Forget 20 years ago, you can just back 6 years is enough. Ask any person when life was more affordable and job security better, in 2019 or today and everyone will say 2019.
Graphs like GDP or the stock market going up, mean jack shit to the average person when they can't afford a house anymore.
A lot of our economic growth was just on paper through financial instrumentation.