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View Diary: Breaking: BLS, Fed, BEA, et al "Overstate Strength of Economy" (289 comments)

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  •  For a comparison, should we look to (5+ / 0-)

    Britain, 1946-1981?

    It's the last time the dominant world power stood on the brink of no longer being the dominant world power.

    Advantages they had:

    1. More labor unionism
    1. Less built-in hate around the world and more of an ability to simply walk away from its Empire.

    Advantages we have:

    1. More exposure to diversity, in terms of foreigners and other races/cultures.
    1. More educated/flexible populace.
    1. Britain was punching above its weight for centuries. Our 'native' weight is much greater than Britain's.

    In 1900, the two countries that "mattered" with the most native population and resources were Russia and the USA. (Empires tend to be transient and thus artificially inflated the strength of Britain and especially France/Germany.)

    Today, human resources matter more. So ... if we go by population alone, it'll be China and India having the next Cold War.

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