Tuesday, October 21, 2008

I wonder if the US subprime mortgage crisis will cause anti-Americanism around the world

I've been translating huge quantities of economics lately, with information from all around the world. And I'm learning so much too! I know several orders of magnitude more than I did just a couple of weeks ago (although I still haven't worked out the answers to all those questions I was asking everyone around thanksgiving and the election.) Economics is technical enough that you don't have to thoroughly grok it to translate it as long as you have good terminology sources, but I've gone through so much information that I'm picking up all kinds of stuff about cause and effect, globalization, monetary policy, all kinds of stuff I never thought I'd understand. (It's also put me firmly in the "ride out the economic turmoil by investing in developing infrastructure and green industry, even at the expense of running a deficit" school of thought, but that's another post.)

But there's one phrase that keeps turning up everywhere in this economic information, in all parts of the world, in all contexts: "...due to the US subprime mortgage crisis." It's screwing everyone over, including billions of people who had nothing to do with it! I wonder if this is going to cause major anti-American sentiment around the world? It does seem kind of representative of the whole American Dream/Roman Empire/hubris thing, so I could see that pissing off someone in some random country like Mongolia or something who had nothing to do with ill-advised mortgages or inexplicably investing in ill-advised mortages.

Also, we all know that the US is Canada's largest trading partner. So I was surprised to see it mentioned as quite a few other countries' largest trading partner too. So I went a-googling and and found that the US is the largest trading partner to a huge number of other countries (and there are more and different countries on subsequent pages). I can't quite wrap my brain around how that works. I keep trying to logic it out, but no matter how hard I think about it, I keep getting stuck on the idea that they'd have to have huge quantities of stuff cluttering up their country as compared with any other country in the world. Yes, I know, they do have a higher quality of life than a lot of countries, but there are also a lot of other countries with a similar quality of life, and I can't google up any that are quite as much of a trading partner slut. So maybe that's what they mean by being the world's only superpower. I always assumed that was just because they're big and loud and have lots of guns and missiles and stuff.

6 comments:

Anonymous said...

"Tons of stuff" cluttering up our country?

Sadly, yes.

An awful lot of it is plastic junk from China/Wal-Mart and worthless "collectibles"--all less than useless now!

laura k said...

"I keep getting stuck on the idea that they'd have to have huge quantities of stuff cluttering up their country as compared with any other country in the world."

They do, and none of it is made there. And there are 10 times as many people there as in Canada. So that's a lotta trade.

Although Canadians think few things are made in Canada, it's much more pronounced in the US. When we first moved here, I was surprised by how much industry was still left in this part of Ontario.

Just the fact that I say "how much industry is LEFT" tells you something.

laura k said...

Also I'm envious of your economic learnage.

impudent strumpet said...

I find it difficult to believe that the US would have significantly more stuff than other westernized countries. Shopping looks more or less the same in Canada and Europe (different brands of products, obviously, but it's not like other countries are going "Ipod? What's that?" or staring at the sets of US TV shows agog at the sheer number of objects in the room.)

laura k said...

Shopping looks more or less the same in Canada and Europe

But neither looks as crazy as in the US. Christmas looks much more low key here than where I'm from.

impudent strumpet said...

Where do they fit all the extra xmas??? I feel oversaturated here as it is!