Demand As the Most Precious Thing in World

I ran across a comment recently where someone argued that the U.S. had the most precious thing in the economic world: demand. It’s an interesting point of view, even if that “asset” is declining quickly.

Other countries must advance by gaining access to the U.S. market via exports, while their own domestic market demand remains moribund. Put differently, even a savings-happy U.S. consumer is far more profligate and more important to the world economy than consumers in most of the rest of the world combined.