Wels wrote:No.
Yes.
The only industry that really still produces something in the USA is the military industry. Thats because they are technologically so far ahead of everyone else that their high prices dont matter.
Thats the only constellation in which the USA still can competitively produce products. If they are technologically far ahead of everybody else.
Thats why the USA has service exports - stuff like internet services (for example Google, YouTube, Amazon), medication, etc.
But nobody wants, for example, american cars. This was very different in the past.
And this is by the way no accident, but a logical conclusion of the US dollar being at the same time the countries currency and the world currency.
This double use means that the value of the US dollar isnt linked to the productivity of the USA. Therefore the value of the US dollar is too high. Imports are very cheap, but exports are too expensive.
As a consequence, the USA has deindustrialized, and has imported more than it exports since many decades.
The moment the US dollar falls out of use as world currency, its value will drop. Then immediately imports will be more expensive, but exports will be cheaper. Which means the USA will be able to reindustrialize, in the long term. In the short term however there will be a crisis, and it might be quite bad.
I didnt say Russia is in a good place, only that USA and Russia are the world leaders of military exports.
There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning. - Warren Buffett