Historical
From 1728, moving through the European Industrial Revolution enabled the United States of America to develop its economy. In 1920, the economy is strengthened in industries during the second revolution and supported by the First World War. The United States of America was among the allies, but their territories has not been the theater of war as was the case in European countries. The 1929 crisis will only slow it down. The same scenario during the Second World War will allow him to dominate the world. Even the Japanese attack on Pearl Habor is not felt on the economy. They were the number one funder of the world by the tons of gold bullion stored which was 2/3 of the global stock. As the provider of the world, he developed sectors of the economy such as agriculture, livestock, and industrialization. So they needed a new monetary system, giving the dollar value unlike other monetary units. It became this purpose the strongest currency in the world.
In 1950 the GDP of the United States was 27.3%, or 1,455 billion international dollars. M2 money supply in January 1960 was 298.2 billion dollars; in January 1970, it is 589.6 billion in January 1980 and 1 482.7 billion. For 10 years, the economy has suffered no instability. 5.2% average in 2000 is mounted in 2008.
In 2008 the world has experienced a financial crisis which originated in 2007 in the United States.
Causes of the crisis
Mortgage loans were the major component of the onset of the crisis. U.S. banks were not lending money to the borrower but not deposited with promises of refunds. The failure of payment of loans committed the loss of assets such as house, car. But arrived at a certain moment the lending rate was higher than the rate of payment of the deposit. These deposits are precious and other valuables metals. With the rise of rumors of this fact, many wealthy depositors came claimed their metals and valuables. And banks collapse creating a huge false in the economy.
Aside from banks other factors have contributed to this crisis.
· The transfer of assets of banks in market
· The creation of complex and opaque assets
· Failure of rating agencies to assess risk assets
· The application of accounting standards called "value to"
· Failures of regulators and supervisors to correct flaws in a context where the finance is largely "deregulated" and globalize.
· The imbalance of the U.S. trade balance had grown to borrow huge sums in Chinese, Japanese and oil country.
We'll talk about the debt of the United States. Public debt is estimated at more than 150,000 billion with an unemployment rate of over 10%. The International Monetary Fund (IMF) estimated that the public debt of the United States is expected to reach 100% of GDP at the end of 2008, 105% in 2012 and continue to grow up to 115% in 2016.
The resolution of the crisis
To rebalance the global economy, a rescue plan was launched in the U.S., Europe and other countries worldwide. The United States launched the Paulson plan. President Barack Obama did vote by Congress $ 825 billion over two years to revive the economy. A plan which actors will be the banks and the government. The government decides to help the banks to pay off their toxic assets. To enable the effectiveness of the plan the president opts for investment in sectors such as education, energy and new infrastructure.
Recovery
U.S. GDP grew 0.9% in the third quarter of 2009 to 3.2%. Economists estimate the growth in 2014 from 2.8% to 3.2%. There is also a miraculous reduction in the unemployment rate of 6.6%.
