[lotharcable2]

One of the major benefits of being a American is that even though our politicians are garbage and the science of central banking in the USA is to economics what mercury pills and blood letting is to medical science... Everybody else has at least slightly more incompetent leaders and policies.

Take the dollar, for instance. One of the major reasons it is still dominance reserve currency is because major contracts in other countries often peg the value of the contract to the dollar rather then local currency. Even if the contracts have nothing to do with international trade or USA. The reason for this is because the local currencies are far more likely to fluctuate in value thus putting long term projects at financial risk.

This sort of thing isn't so much because central bankers in USA are brilliant, but more to do with that central bankers in other countries are far stupider.

Since the 1970s the USA financial policy is one of exporting debt in exchange for importing goods. Bizzarely the rest of the world has allowed this to work. The upside is that this allows Americans to benefit from making foreign goods much cheaper for essentially nothing. The downside is that it has made industry in the USA much more unprofitable and thus annihilating it.

But it continues to work. China continues to use financial manipulation and central control of the economy to produce massive amounts of goods at a great loss to the wealth and well being of the Chinese people, which keeps the USA economy afloat. EU is obsessed with protectionist policies and using their economy to project "soft power" in a bid to maintain some semblance of European Empire-era policy controls over its former colonies... which makes it even less competitive then USA industry. So much so that it is fairly likely that in 50 years people will be trying to go from Europe to Africa to get jobs.

This isn't what winning looks like. The reason why USA seems like a powerhouse economy compared to EU is because its leaders don't fail as badly.

[nutrie]

The EU is NOT a federation.