America's GDP just got exposed

Added: 2026-05-22

[00:00:00]All right, so we've got to talk about Europe.

[00:00:02]>> H, what's going on today?

[00:00:04]>> Well, where are we?

[00:00:05]>> Italy.

[00:00:05]>> Yep. So, we're in Europe. So, um, this is actually fascinating that we're talking about it because there's a fascinating article that just come out from the Washington Post. It says, "Is France poorer than America?"

[00:00:16]>> H, >> so you've actually been to France.

[00:00:18]You've actually been to America. And so, when you look at this, in your opinion, is France important in America?

[00:00:24]>> I don't think so.

[00:00:25]>> Okay. Okay. Why not? Actually, I've been on the big cities in, you know, France and Paris in America is in New York, LA.

[00:00:34]>> So, when I think about it, you know, I don't think particularly France is poor.

[00:00:40]>> Yeah. I mean, if you go to Paris, it doesn't it doesn't feel like that, right? But here's the thing. This is what this article point out that the numbers tell a very different story. So, they were saying the France GDP per capita is 46,000 uh a year basically. So per capita Mississippi which is one of our poorer states in the USA is 55,000 per capita. So according to this Mississippi is richer >> than France.

[00:01:05]>> Yeah. Which is kind of crazy.

[00:01:07]>> And so when you were saying like LA New York same feels the same as Paris to you, right?

[00:01:13]>> Yeah. I don't feel any city is like poor. It's you know this old bit. Maybe this those are all big cities. So I that's why I don't feel poor at all.

[00:01:24]>> Yeah. But so that's why this becomes fascinating is that Mississippi is again one of our more poor areas. So smaller city they're saying is richer than France. But we haven't been to the smaller cities in France.

[00:01:34]>> And there's more caveats with this.

[00:01:35]Okay. So another one is 10 years ago France would have been ahead >> of the US but apparently the US is like really growing their economy and Europe is not necessarily.

[00:01:45]>> Okay.

[00:01:46]>> And here's also put on top of this. um the US economy is so big in fact it is bigger than the rest of the G7 combined which would be developed economies and so then that that's the key question so when someone goes >> you know then from USA they visit you know Paris or whatever it's like >> is it as poor as the numbers suggest because this numbers the GDP numbers would suggest that France is way worse than than USA >> but does it feel like that when you're there >> no I don't no I don't feel like that probably you know USA you know like like 1% people so much of money and rest of not >> right >> so that's why maybe the numbers like that >> and that and that's where it it gets to be key to understanding when Trump or anyone says like guys our GDP is fantastic in USA it's the golden age maybe not necessarily for everybody >> right but there are important things to talk about with this stuff when you're in Europe because it's a big concern for them is like because everyone looks at GTV everyone like you know you don't want necessarily be falling behind that much >> so here's another example another stat here the top 10 companies by market cap, right? There's not really European names there. A lot of it is basically US because most of US tech is um is the wealth in USA, right?

[00:02:59]>> And so then the question is >> because you US GDP numbers are pumped up and tech is making a lot of money.

[00:03:06]>> Does that mean that the average American feels rich?

[00:03:10]>> I don't think so. They actually struggling now. It's very hard >> because you know you're you know much of data center means electronics go up.

[00:03:18]>> Yeah. Power goes up.

[00:03:19]>> Yeah. Power goes up and you know there's less water. You know this water is kind of you know the data center need a lot of water.

[00:03:26]>> Right. Right.

[00:03:27]>> So but you know you know the tech company make a lot of money but doesn't mean you feel rich.

[00:03:34]>> Yeah. So this was a good example of like how do we define what it means to be poor rich. So, in terms of GDP, you can just you can compare, right? Because they're saying Mississippi has more GDP than France. But what about this one?

[00:03:46]>> Europeans work fewer hours and take four weeks vacation.

[00:03:51]>> So, does that does that mean that >> they take free time basically, right?

[00:04:00]>> Yeah. And then the the the the money then gets reinvested back into the country. But but >> the way you count GDP, maybe the tourism dollars doesn't seem as great as compared to hey guys because in USA how we pump numbers is hey guys we're building more data centers. Wow.

[00:04:15]>> And then the other issue with the USA to pump up GDP is well there's two. One would be much of the US economy is based on debt.

[00:04:22]>> Yeah. So, if we're borrowing a bunch of money to pump up GDP to build data centers that replace jobs, >> then >> I mean, how is that going to play out in the long term?

[00:04:34]>> Long term. Yeah. Just regular people lose their job, right? But GDP is bigger and bigger.

[00:04:42]>> So, not everyone's rich then, >> right? That's the point, right? So, so this is why like that's why the article is so fascinating. Is France poorer than USA? Because because the numbers would suggest if you look look at GP the answer would be yes. Um and this is something that is very different than say USA than Europe. Actually there was a video I showed before in the channel where there was a girl she moved from um USA to like Germany >> and she got like a part-time job at a cafe parttime >> and then she was saying um she got there and the the boss wanted to do like a try out day and I don't know if Koreans do that kind of thing. So, so it's it's you you just say, you know, I want to work here, whatever, and then you apply like, okay, fine. Here's a test one day test.

[00:05:26]>> Oh, I Yeah, we don't do >> you wouldn't have that culture. Yeah, I hadn't heard of that culture either.

[00:05:30]>> And then she was just kept talking about how the employers like really nice to her. Do you like it here? That kind of stuff. Like you're laughing because America Americans feel the same way where like the company just >> we'll fire you anytime and you're easily replaced.

[00:05:42]>> And then they asked her um when do you want to schedule your first vacation?

[00:05:46]Oh, >> and this is for a part-time job in Germany, which anyone in America would know would never ever in a million years happen. And this is the first time she ever had a healthcare.

[00:05:56]>> That's for part time in Germany.

[00:05:57]>> Parttime job.

[00:05:58]>> So, you know, >> I have two friends in Germany. Actually, she has two kids and she complains they have too many vacation for kids.

[00:06:07]>> Too many vacations for >> like six times. So, they have to, you know, like make a plan for vacation, >> right? So, it depends how you define wealth. Um, people in Europe tend to be happier whenever you do happiness tests.

[00:06:19]Um, their productivity per hour >> is kind of same as Americans, >> but Americans work more hours.

[00:06:26]>> I see.

[00:06:27]>> So, hey guys, we got a great GDP in USA, but we work, you know, >> work more.

[00:06:31]>> Yeah. Is >> and and then all the money goes to tech, which you may not be getting.

[00:06:36]>> Yeah.

[00:06:37]>> Right. So, is your is your, you know, world better because we have iPhones?

[00:06:41]But one thing that is fascinating though that they did mention here is because of US innovation in tech, >> the world then benefits from all Americans working.

[00:06:52]>> Yeah. Cuz we are using iPhone.

[00:06:54]>> Yeah. And that's example of iPhone.

[00:06:56]>> We watching Netflix.

[00:06:57]>> Yeah. That's example of Netflix. Um and you could you could argue the Koreans have a similar kind of situation.

[00:07:02]>> Sure. Yeah, we do.

[00:07:03]>> Um which may or may not shut down.

[00:07:05]What's going on right now with the big company in Korea? Samsung their workers unions try to you know the the the >> they have have a strike.

[00:07:15]>> Yeah.

[00:07:15]>> And and what's fascinating about this is this relates to the US thing to where remember we're talking about who gets the wealth. So if your GDP numbers are high does that mean everyone gets it.

[00:07:24]Samsung the workers are basically saying what >> we want more money.

[00:07:28]>> Yeah. Basically what it boils down to, right? They want a larger bonus and more share of the profit. There's no basically more money.

[00:07:34]>> No maximum limit for the bonus.

[00:07:37]>> Yeah. So if if the company makes more money, no limit for how much you'll share the profits essentially, right?

[00:07:42]Which I which now you disagree but it's a long topic.

[00:07:45]>> Long topic you know I read some comment that you know if you do that there's no limit for downside too.

[00:07:51]>> Yeah. Yeah. Yeah. That's a good point because some departments lose money etc. Um and and they'll they'll figure out what they're going to do on that and there's a lot it's a it's a complicated discussion because like where do you set the level of to how much a worker should get right >> because now I >> maybe it's not important but you know now the in Korea one of one of the chip chip companies SK >> so they got tons of bonus right >> so basically they jealous of them >> yeah that's basically that's no it matters it matters because um what we're talking about with any of these topics is how you distribute the wealth what in what is fair right and then also is it worth it to work that much when you feel like you're not getting ahead because I can understand from a worker's point of view I work 12 hours a day or whatever or I'm in a successful department and everyone else is getting bonuses but like I look at us and we're not so there's that >> um and then we got to talk about something actually really interesting is just walking around various countries so be it uh being in Prague there's not a country but they're in check or being in France or being in Italy. Um we noticed something arrival at the airport and what was that in terms of investment into the country like literally we were talking about it for about I don't know half an hour >> like literally we're talking so what was >> these days you know at the airport they changed it to the machine you know immigrant >> so it was pretty slow.

[00:09:18]>> Yeah we're talking about like the getting through immigration. Yeah. Yeah.

[00:09:21]Yeah. Why was it slow?

[00:09:24]So basically, you know, the face scan, it's error a couple of times, finger print error a couple of times.

[00:09:31]>> Yeah. So the machines just didn't really work that good. Um, we actually have the technology too in Korea and I I can't speak for every country in the world if you guys are all, you know, automated fingerprint and automated face scan, whatever. But yeah, the Italian one was pretty poor to just to be frank. And the whole the whole time you're thinking, okay, >> if we're not going to give people jobs, if we're going to switch over to the AI and it doesn't work, like is that the future that we want?

[00:09:58]>> Uh, if you are going to do this stuff, you have to invest a bunch of money into it to get it to work.

[00:10:02]>> But then it becomes like, well, you just hire a person, right?

[00:10:05]>> You guys understand what I'm saying?

[00:10:06]But, um, at least the Korean version works, you know, and and it could be any number of things, but I just I kept telling Yi, it's got to be their software. or just not putting any money into it because it just didn't work.

[00:10:18]>> No. Yeah. Yeah. It didn't Yeah. That's kind of disappointing.

[00:10:23]>> Yeah. So, like we saw a woman seriously she went through >> wouldn't work right and she had to come back. Do you remember?

[00:10:28]>> Yeah. And he tried and it didn't work out. So, he had to go to meet the person.

[00:10:34]>> Yeah. And it's it's like it's the same as when you call um a company and you like talk to the robot. The robot doesn't understand you. And he's like keep putting until you get a person whatever. yesterday actually you know my fingerprint like five six times so I kind of start sweating.

[00:10:49]>> Yeah.

[00:10:50]>> Nervous cuz it's immigrant.

[00:10:51]>> Yeah. You want you want to make sure you get in the country. So anyway, we wanted to talk about this stuff because it's actually really fascinating when you travel because your your point of view changes on like how you see I don't know quality of life I guess and what you consider to be rich. Um, mass transit I think so far it seems to be much better than f in France >> than here. Um, this walk around the streets like for example the street lights and stuff like that. It's a little bit confusing here.

[00:11:19]But you're also dealing with the issues of where some places in Europe you can't really develop or build up.

[00:11:24]>> Yeah. This is ancient city.

[00:11:27]>> Right. Right. Right.

[00:11:27]>> So you cannot really basically, you know, dig in.

[00:11:31]>> Yeah. So you have a lot of places like you're not going to put high speed internet in or something like that.

[00:11:36]>> No like high, you know, high high building, >> right? Right. And then then what you have to do as a government, if you were to do it, probably build a whole new tech city somewhere else or theoretically you could just destroy your your parks.

[00:11:50]>> Now from the USA perspective, say Donald Trump, he's more like, "Guys, we got to make sure that GDP is really high in golden age." So he actually wants to destroy parks which would be equivalent to say here in uh Europe if you were or in Italy specifically if you're like hey let's just demolish the coliseum and build a new data center because we're all going to be more rich with that which is kind of crazy actually. Um and so I I think you know at least for me when I'm here um wealth is is much more than just GDP right another example they gave was if you're in Paris and you can have coffee at a nice you know cafe in Paris >> doesn't matter what the GDP is when you couldn't do that in Mississippi for example >> you can look at the FL you know at the park right >> you know have a picn with your friends and family >> yeah you got more vacations your GDP is less but you know does it doesn't matter. And then the other one which what is really fascinating when you come to these kind of cities is the buildings themselves. Um they're just high quality buildings like all around. The architecture is fantastic and the materials literally they've been here for thousands of years.

[00:12:57]>> You know Central Park the you know the Manhattan they're copy of European building.

[00:13:01]>> Yeah. Yeah. They're old old really cool buildings. And what what our problem right now in USA is actually a really major problem that everybody knows.

[00:13:09]>> Like a all the new homes are just built cheap. Oh, >> like everyone knows it. The the cheap materials, they're built fast. They're not built to last >> and um it's it's it creates and like a lot of buildings. It's it's really everyone knows this problem because um it's all built for how can we how can we get as big a margin as possible and how can we do it as fast as possible then go to the next community and so then they're all the same. And what's that?

[00:13:33]>> Yeah, just you just mentioned that we just at the colosum today. How old is it? Yeah, it's like 2,000 years old basically.

[00:13:40]>> And so it it's a very different culture um here to where at least the buildings are built to last and then people have a slower lifestyle doesn't mean worse and having lower GDP doesn't mean worse at all. And actually there was a really fascinating thing. I think it was um someone was writing about how in Mexico for example just you'll get it like you go to a restaurant and you'll see all these people just like having a good time talking with their neighbors and stuff like that and sure their GDP is going to be lower than the USA but like say you go to the US equivalent and everyone's at the bar depressed and sad I hate my job I hate my life it's like that like so and it doesn't mean everyone in Mexico is happy but I'm saying that that the quality of life counts for something so that's why these articles become really fascinating because if you're in Europe, you're like, "Yeah, we would like to have, you know, more GDP and growth, >> but at what cost?" And that's sort of what we're talking about. So anyway, like to hear you guys' thoughts on this.

[00:14:35]We'll keep having this conversation and check out our vlog channel as we hang out in Europe and talk with you about it. So, thank you for watching and we'll catch you on the next video. So bye.