Last year (2014), China overtook the United States in gross domestic product adjusted for purchasing power (GDP-PPP, see point 4 for explanation), according to both the International Monetary Fund (IMF) and the World Bank (Note 1). It may come as a surprise, but this is really a matter of China simply reasserting its position as the world’s largest economy, which it had lost around 1890 to the United States. This is based on estimates developed by the late legendary economist Angus Maddison of the Organization for Economic Cooperation and Development (OECD).
President Obama’s policies of thwarting fossil fuel production are diminishing our influence on world affairs by denying the United States’ unparalleled ability to supply fossil fuels to friendly nations. Developing nations need inexpensive coal to supply cheap electricity for their deprived masses.
These days, when some world leader or politician speaks of the climate—the weather is what is happening right now wherever you are—they are not talking about sunshine or rain. They are talking about a devilishly obscene way of raising money by claiming that it is humans that are threatening the climate with everything they do, from turning on the lights to driving anywhere.
There is a strain of thought in the American pro-liberty movement that argues for what is essentially a return to a policy of isolationism. That is the attitude typified by former Representative Ron Paul and his adherents, who have spent years calling for the withdrawal of the United States from many of its foreign treaty and institutional obligations, including the United Nations. There is a certain attractiveness to this position, especially in light of the recent exhausting and expensive wars in Iraq and Afghanistan. The claim that the War on Terror and other interventions in various countries’ affairs have created more enemies than they vanquished holds no small amount of truth.
One of the world’s oldest and most important political conferences celebrated its 60th anniversary this month. The Bilderberg Group met in Copenhagen, Denmark from May 29th to June 1st to discuss matters of global import. Named after the Hotel Bilderberg where the first conference was held in 1954, Bilderberg has held meetings every year since then between many of the world’s top political, economic, and business leaders.
In 2013 the price of gold bullion lost 28 percent and closed near its low for the year. It was the first annual decline since 2000 and the worst since 1981. Gold ETFs experienced record redemptions, shrinking the funds 33 percent by year end, but they were the exception. Marcus Grubb, Managing Director of the World Gold Council, reported, “2013 has been a strong year for gold demand across sectors and geographies, with the exception of western ETF markets.” While investors were leaving ETFs, demand for gold jewelry, bars and coins was increasing, as were purchases by central banks. Globally, consumer demand increased 17 percent for gold jewelry and 28 percent for bars and coins.