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The Breakdown

Is Being the ‘Saudi Arabia of Money’ Good for America?

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 13 September 2020

⏱️ 14 minutes

🧾️ Download transcript

Summary

On this week’s Long Reads Sunday, NLW looks at recent statistics suggesting that, based on a comprehensive set of measures of well-being, U.S. citizens are worse off than they were a decade ago.  One potential explanation is the U.S.’ “USD Dutch Disease” - a peculiar set of consequences resulting from the role of the U.S. dollar in the world.  This week’s reading is “How to Diagnose Your Own Dutch Disease” from the Financial Times.

Transcript

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0:00.0

Welcome back to The Breakdown with me, NLW.

0:08.2

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

0:15.2

The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDes.

0:23.3

What's going on, guys? It is Sunday, September 12th, and that means it's time for long

0:29.5

reads Sunday. On Wednesday of this week, the New York Times Nicholas Christoph wrote an editorial

0:36.0

called, We're number 28, and dropping.

0:39.4

A measure of social progress finds that the quality of life has dropped in America over the last decade,

0:45.0

even as it has risen almost everywhere else.

0:48.2

Basically, the measure that Christoph is referencing is something called the Social Progress Index,

0:53.7

which finds that out of 163 countries

0:56.5

that were assessed worldwide, the United States, Brazil, and Hungary are the only ones in which

1:01.4

people are worse off than when the index began in 2011. What's more, the declines in Brazil and

1:07.7

Hungary were smaller than Americas. Now, before you reject this index, it is basically

1:13.1

inspired by the research of a number of Nobel-winning economists and collects 50 metrics of

1:18.8

well-being, from nutrition to safety, to freedom, to the environment, to health education, and more.

1:25.1

Interestingly, a lot of the problem areas are where we have a really good

1:30.9

something, but not good access to that something. So, for example, the United States ranks number

1:36.9

one in the quality of universities in the world, but only number 91 in access to quality

1:42.7

basic education.

1:48.2

When it comes to medical technology, we are obviously number one as well,

1:51.6

but number 97 in access to quality healthcare.

1:56.5

When I see these numbers, I can't help but think about the newsroom,

...

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