News for hackers. Stuff that matters.

A comment on Reasons the banking crisis isn’t a repeat of 2008. Parent comment

Re:Reasons the banking crisis isn’t a repeat of 2008 by bandrami on Saturday March 25, 2023 @06:55AM (#35301397)
It's weird how people keep forgetting the US is the world's largest petrostate
[ Parent | on HN ]
Re:Reasons the banking crisis isn’t a repeat of 2008 by TheAlchemist on Saturday March 25, 2023 @07:08AM (#35301477)
It's quite mind blowing !

Quite frankly, I always knew oil / gas was big in US, when I realized it's THE largest petrostate, it felt weird.

[ Parent | on HN ]
Re:Reasons the banking crisis isn’t a repeat of 2008 by Armisael16 on Saturday March 25, 2023 @08:13AM (#35301893)
The US is not a petrostate. Petrostates are defined not just by the large amounts of oil and gas they extract but the relative absence of other economic activity and the dependence of the state on that money.

42% of Saudi GDP is petroleum. 35% of Kazakh GDP is petroleum. 8% of US GDP is petroleum.

[ Parent | on HN ]