Politicians and the establishment media told you in the United States years ago that after the Crash of 2008, which they tried to pass off as a residential realty crisis, but which was a banking crisis on an epic scale, a recovery began in 2009. They trotted out Ben Bernanke, then chairman of the Federal Reserve, before the cameras where he said he saw "green shoots."
Yet, the truth is much different. There never was an economic recovery. The greatest credit bubble in the history of mankind, the Greenspan-Bernanke Great Inflation had to be followed by the greatest economic crack-up in history.
I have been writing about this truth on the True Dollar Journal since 2012 or so when the TDJ first started publishing under the title, "Bizarro Theater." See these recent work on the TDJ that summarizes where we are:
- Super Depression, 2008-2022. More Proof Courtesy of the Federal Reserve. We're Now Living in the Inflationary Stage.
- Biden, Pelosi, Schumer and the Federal Reserve / Davos Crowd Built Back Worse in 2022. Super Depression, 2008-2022.
- Booming Biden Economy? Oh Really? Likely the USA Has Remained in Economic Depression Since 2008.
The Truth of World Steel Output Per Capita
Today, I came across an article in the Hellenic Shipping News about the world steel output outlook forecast from the World Steel Association (see: World Steel Association Expects Marginal Steel Demand Growth this Year). As the title says, World Steel expects a slight uptick in steel output to 1,840.2 million tons in 2022 and 1,881.4 million tons in 2023. Yet, according to their website, World Steel reports that crude steel output for 2021 came to 1,951.9 million tons.
So their 2022 forecast would be a decline rather than an uptick. As well their 2022 forecast would be a -5.7% drop. That seems to be a significant drop, year-over-year, especially from yet another Covid-19 politicians' enforced lock down.
Nonetheless, the article set me to thinking. Looking at crude steel output by steel producing countries, there is a decided uptrend in steel output. After all, more stuff produced means a growing economy generally, if what is produced is sold.
That said, I thought to myself, well, what about world steel output per person. Why do I not tally the per capita world output for steel by first calculating at the per capita output of crude steel by steel producing countries each year.
Sure enough, world steel output per capita has shrunk since the peak output in 2007. Though steel was up 10.8% in 2021 after the world lock down prison of 2020, world steel output per capita is still down -9.6% from the 2007. Crude steel output per capita worldwide in 2021 barely was above what it was in 2011, merely one-half of one per cent more.
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