Germany is #1 (And We Are Too)

Germany has finally surpassed China, and now has the world’s largest current account surplus; $202.9 billion according to The Economist.  But the US has an even more impressive achievement; the world’s largest capital account surplus; and astounding $473.4 billion.  Germany may produce nice cars, but no one can beat our assets.

China may have lost it’s trade supremacy, but it will soon have the world’s largest building:

“Have you seen the world’s biggest building yet?” shouted Stephan Wurster, an affable 38-year-old Stuttgart native who moved here in December after three years in Beijing. Both he and Kamaljot Singh Panesar, a goateed British architect at the table, have offices in development zones mushrooming on the plains south of Chengdu, not far from a half-completed behemoth called Ocean Park. Under a single roof covering an area of about 25 football fields, Ocean Park is designed to include hotels, shopping malls, aquariums, amusement parks and a simulated ocean with a white-sand beach. (The ultimate “Truman Show” touch: the 660-foot-wide video screen that will allow beachgoers to enjoy brilliant digital sunsets, even when clouds and pollution block the real thing.)

I love Chengdu—can’t wait to visit and see that sunset!

About Scott Sumner 492 Articles

Affiliation: Bentley University

Scott Sumner has taught economics at Bentley University for the past 27 years.

He earned a BA in economics at Wisconsin and a PhD at University of Chicago.

Professor Sumner's current research topics include monetary policy targets and the Great Depression. His areas of interest are macroeconomics, monetary theory and policy, and history of economic thought.

Professor Sumner has published articles in the Journal of Political Economy, the Journal of Money, Credit and Banking, and the Bulletin of Economic Research.

Visit: TheMoneyIllusion

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