You're a failure for supporting China through climate double standards, which isa trojan horse ensuring the west loses ww3. take it from a factory owner.
@@Nagria2112 and then sell those trees to a logging company and pay private mercenaries to kick the local poor indigenous tribes people off their land.
Just ignore the EE leaderboard. It's long since stopped being meaningful. Even EE himself often implies as much with the way he introduces it for 'countries' that he himself admits don't really belong there.
@Станіс that's kind of the point though. It's basically impossible to summarize an entire economy into a number without losing a lot of detail and ignoring nuance.
Argentina and Tukey being on the same score as Tuvalu is so funny to me. I can't even argue with this. Tuvalu is a small nation trying its best with a functional government and creative ideas to survive. Argentina and Turkey are big countries that have squandered away almost everything they had.
As an Argentinian i have to agree with your comment. Bwe have the land, the people and the resources but we have crappy people with ever crappier polititians so we have been on decline for the last 2 decades
EE: Tuvalu not going to sink overnight, but it will become uninhabitable in coming decades. Also EE: Stability and confidence is... fine. 6 out of 10. 😂
@@kingofhearts3185olitically it is very stable. The result of a small population and a culture where you call even people not related to you brother, sister or cousin. So the people and culture are stable, which is more important for economies. The actual land.... eh.
I think that more than stability he's measuring predictability. He always say that uncertainty is bad for economics. These people are certain that they years are counted.
It's both, but .gb is now considered "reserved". There are a handful of .gb domains, but the UK government has informed ICANN of their intention to retire it completely.
@@TankEnMate I meant for England, not Scotland. With them gone, the 'United Kingdom' name makes even less sense. All that'd be left is Wales and a bit of Ireland that's itself in a weird position post-Brexit. It'd become an ongoing embarrassing reminder of what they once were, so it may be better to change it to something else.
Great to see Tuvalu get some air time. Sadly, they are not alone. Kiribati (bit further east from Tavalu) is in exactly the same situation, minus the Twitch income...
The Pacific Island nations will probably still exist as sovereign entities "on paper" even if the citizens have to move somewhere else (probably Australia or U.S.A.). This would be to protect the legal rights of the former citizens, especially for the resources in the EEZ (exclusive economic zone) around the now-uninhabited islands. An outside military power (again, probably Australia or U.S.A.) would have to enforce those rights, but I believe the legal existence of nations like Tuvalu and Kiribati will be allowed to continue (for legal protection reasons if nothing else) as long as its former citizenry (and their descendants) are still alive.
An EE episode on Bangladesh-- a possible next Asian tiger, has170M people (half of US population), is going through rapid industrialization and has strategically important geo political location, is neighbor to large economies- India and China, has big skillful diaspora similar to India or China and a (flawed) democracy.
Ikr, Nobody seems to like making videos about Bangladesh for whatever reason. Despite being very geopolitically and economically important to the world.
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The ETF/Equity market keeps swinging.
When the news is the worst and investor confidence is at its lowest, indices routinely turn from a bear market to a bull market. This illustrates how quickly the market's direction may change.
@@hannahdonald9071 Because an investing coach's skill set is built on short- and long-term holdings for profit realisation and because of their distinctive analysis, it is nearly impossible for them to underperform, I prefer to seek their counsel while making daily investment selections. I've been working with my coach on investing for literally four years now, and we have already produced significant net profits.
@@tampabayrodeo2474 I've been looking at comparable opportunities in the current market because I know a lot of people who made fortunes from the Dotcom crash and the 2008 crash. Could this consultant who helps you be of any assistance?
I've been consulting with SALVATORE FORTUNATO SOFIA, a financial consultant whom I learned about and got in touch with thanks to a Kiyosaki radio interview she was featured on. Since then, she has served as the point of entry and departure for the equities/stocks we have emphasised. A search using her name on the internet can be done if tracking is necessary.
Tuvalu needs to think of itself as a business that needs to be liquidated. They need an evacuation plan, should create a deal with a large country to create the smoothest permeant evacuation plan possible. Maybe choose a part of Tuvalu that can be turned into a great tourist destination that provides income to assist in the transition.
I wonder if a country could just go "fully remote". If everyone in the 'country' is working abroad, do you really need a country to physically exist? It could just be an uninhabited island in the middle of the ocean where companies are registered and internet domains exist in theory (all hosted by international providers), it conducts remote voting and all the functions of government remotely, etc. Love remote working? Try remote citizenship!
I actually suggested they build more in stone so when the island does sink, it can be turned into a tourist spot. Would be pretty unique to scuba dive into a town and the island would still make money even when uninhabitable!
I think "fully remote" is what will happen to Tuvalu in the second half of this century. The entire civilian population will be evacuated to somewhere else (probably Australia), but the country will still exist "on paper" as a sovereign entity. The military of a different country (either Australia or U.S.A.) will have bases on the remaining pieces of land above water to protect and enforce the claims of the remaining Tuvaluan citizens and their descendants to the resources of the EEZ (exclusive economic zone) Tuvalu currently has.
I sort of get that. Plenty of countries have faced a major crisis, including existential ones. Some had good systems and continued to have an effective organized resistance to the threat,…and won, some did the same and still lost, some fell into total chaos and panic pretty quickly. And the manner of this response is independent of the threat itself and makes a difference to chances of success.
I still remember the Tuvalu dancers performing at the Pacific Festival of Arts (PacFest) in Guam in 2016. This video made me realize: 1) the cost of even attending the event was significant for those who came and 2) they represented a substantial part of the population.
The case of Tuvalu is perhaps the perfect example of why widely different economies simply can't be judged based on the same measures. Growth for a nation like Tuvalu is very different from growth for a nation like say Australia or the US. As EE said himself, Tuvalu has 0 industry and all its economic output comes from overseas. Therefore the growth Tuvalu's economy is seeing is sheer luck(.tv domain) or rising salaries around the world which directly impact Tuvaluans working abroad and sending money back home. The point is, for a nation like Tuvalu the growth statistic is utterly meaningless as it has nothing to do with the nation itself. The video on Somalia also showcases this from a different angle, as in Somalia's case the growth was caused by people switching over from the unofficial(black) economy to the official one, not the official economy actually doing any better. Basically what I'm saying is that the different economy classifications, from advanced to undeveloped require different statistics to evaluate them. Putting them all on the same scale judged by the same metrics(those of advanced economies) vastly skews the reality on the ground. It doesn't help that even within the same economic classification other than the top one(advanced economy) the differences are quite extreme. Tuvalu's economy is nothing like Somalia's which is nothing like Lebanon's yet they're all 'undeveloped economies'.
Nice summary. Another asset Tuvalu has is its territory and its exclusive economic zone. This total mass carves out a big chunk of the South Pacific. Fishing rights (if respected) and unexplored mining rights could be a potential goldmine. It also holds a strategic second island chain, which could benefit if it played off China and the U.S. against each other.
It is very possible that 50-60 years down the road Tuvalu might have been evacuated of its CIVILIAN population due to the rising ocean levels, but a different country (probably either Australia or U.S.A.) has military bases on whatever outcrops of land are still above water to protect Tuvalu's EEZ. The country of Tuvalu would still exist "on paper" as a legal sovereign nation, but in practice the only thing left in the real world above water would be those military bases. Why do this? So that when the islands do have to be evacuated, the legal rights to the resources of the EEZ would be protected and managed by someone the Tuvaluans would trust to properly take care of them. (Read: NOT China or Russia!)
As always, an interesting and entertaining video. I know nobody can predict the future, least of all economists (😂) but would you considere another channel with hypothetical answers to some of these issues and what there impacts could be. EG Tuvalu made a bigger port, would this decrease cost of living, could they import things to add value to then export them again, if the port was also a marina would this attract tourists with money to visit on their jollies across the Pacific... Not a 'should do' video, but just to explore economic concepts in these specific contexts. Thanks again 😊
You helped me realize that an Economy can be thought of like a personal budget for a country. Assets vs liabilities, input vs output, money in vs money out. You also drew a parallel between economy and a business. I also learned about its internet country code. Unfortunately, my Economics Explained economic epiphany was short lived when my brain began to overheat and short circuit on the thought of all the uncontrollable and unknown variables to factor in 🤯 Excellent lesson! ❤
Tuvalu Spaceport! :) Tuvalu is quite close to the equator and the USA, it could become a space launch hub (but there are other less developed pacific islands that are closer to the equator still). But if they can offload shipping containers then they can offload rockets from companies like Alpha, who need commercial launch sites as close to the equator as they can get... $$$ Tuvalu is 20 degrees closer to the equator than Florida based sites, that's a big payload gain! Shipped from North Tuvalu Spaceport :)
@@slevinchannel7589 I was asking... what for? To what end? Why? My comment was about economic options, not Tuvalu sinking.. I'm just not seeing the connection between watching videos about a subject I'm already familiar with, and my original comment... :)
Thanks for discussing somewhere a bit different, I’m sure all of us have much better awareness of this island nation now. It’s terribly sad to hear but it just seems it’s one of those situations that will inevitably get worse. Very unfortunate for its population...😢
12,000 people is not that many to relocate. I'm sure it would be relatively easy to find new homes for these people in nearby countries once the sea gets close to swallowing the island.
One slight problem there is "nearby countries." Kiribati, Fiji and Tonga are also battling sea level rise. And it's about as far away from Australia as it is from Hawaii.
That'll be too on the nose and likely lead to horrible press coverage. It's also not clear if the country will actually disappear legally. It may have a government in exile that still holds claim to the territory, even if they only manage their people abroad. Sure it'll be a powerless govt., but given the massive controversy that doing such a thing will generate, it's most likely the remains of the island will be turned into a kind of monument by the climate movement. People may not live there anymore, but they will visit it to make a point.
@@ArawnOfAnnwn SOMEONE will occupy the islands to protect the EEZ (and resources inside it) Tuvalu currently claims. The only questions are "Who will do it?" and "Would the Tuvaluan government in exile be OK with whoever's doing it?" If it's Australia or the U.S.A. doing it, there shouldn't be any problems. If it's Russia or China, there will be problems.
@@gordontaylor2815 "If it's Australia or the U.S.A. doing it, there shouldn't be any problems. If it's Russia or China, there will be problems." - tell me your biases without telling me your biases lol. 😅
Tuvalu is actually exceedingly lucky that tourism is almost nonexistant there. If it became a popular destination it would price the locals right off the island long before they become climate refugees.
What does pegging 1 country to another mean really? Like - why don’t most countries just make a new currency and peg it 1-1 with the dollar? Is it not that easy, or not that advantageous?… I don’t get how Tuvalu pegged their currency to AUD 1-1.
Well the currency is mostly pegged to what the country has in its reserves since Tuvalu has alot more Australian dollars than US dollars it makes sense to peg it to Australian dollars. Furthermore, if they wanted to peg the currency to the US dollar they would need to by them
Literally just means you can go and exchange a Tuvaluan dollar for an Australian dollar. A peg only works as long the country pegging their currency, such as Tuvalu to Australia, has enough foreign currency they pegged their currency to in their reserves. Countries do it to give more stability and confidence to their own currency, since people wont demand to get paid in a different currency etc if they know they can just go to the bank and exchange their money for another countries more stable money whenever they need it.
The simple version of an answer to your questions: Currency pegging is simply the act of setting a fixed exchange rate between two currencies. A government or financial institution (even an individual) can attempt to set a fixed exchange rate between two currencies at any time. In order to do so successfully, the rate setter must establish trust that they will always facilitate exchanges between the two currencies at the set rate. It is easy in principal, but not in practice, and when done successfully can provide long-term predictability of exchange rates for business planning and help to promote economic stability.
So, in a nutshell, it's an Anzac cheaper labor island that will eventually perish and create climate refugees. Why not just give them an island to relocate and continue their culture if they wish so instead of being integrated in to a society that will likely treat them as low cost labor refugees, they may continue to thrive with the ocean.
it might be cheaper to integrate them into australia and new zealand, because 12k people isnt a lot and many from this island already work for australia
@@manyseas1219 indeed, it takes effort to restart. that is why i mentioned "if they wish". besides, compared to the money spent on proxy wars these days, am sure their relocation cost would be a drop in the water compared in size of the vast ocean of weapons
Part of the issue with that is that Pacific culture is very connected to the land. It's easy to say "Just move" to a group of people, but as the Brits have shown, people tend not to like that.
The impact from rising seas is actually a bit more complicated than the 3.9mm per year might suggest. Small tropical island nations gain land from wind deposited particles, with the result that they slowly change shape while changing little in total land area.
Sadly, this is the single WORST compilation of EE. 1. "builds up quickly over decades" = FACT 3.9cm over 100 years is not "quick" on any reasonable measure 2. University of Auckland peer-reviewed study (2018) used satellite imagery to measure Tuvalu's changing land area over four decades. Between 1971 and 2014, it showed, the country grew by more than 73 hectares, or 2.9 per cent
3.9 mm per year sea level rise is misleading. you can only get this if you take a recent short term time snippet and measure from a low point to a high point. to be statistically significant you need a time period of about 60 years if you take this the average sea level rises per year is more like two millimetres.
These pacific island nations shows the perfect balance between nature and man, that is before the introduction of the western idea of 'prosperity'. Having done research in architecture in these island nations, they have adapted to cope with this type of environment, like the shifting of the island (or what the media like to call it 'sinking') and sea water inundation, and they've been doing that for thousands of years and it reflects to the architecture that evolve as an outcome of that adaptation; they built their traditional houses as temporary and can be easily moved once the land shifted... Now when they started building with concrete and steel and paved their roads, build seawalls, they started having all sorts of these problems... the point is; what globalization considers and defines 'better' is not always suitable for others...
I'm...skeptical. Are you suggesting that before colonialism, pacific islanders had no issues? No wars, no tyrannical rulers, no oppressive social norms...nothing? I call BS. The Maori at least, practiced slavery, cannibalism and in one instance genocide. Other Polynesian people's likely did similar things or other things we'd find socially distasteful. To clarify, I'm not bashing Polynesians or calling them barbaric, it's just they are humans, and most human societies historically had attributes we'd now find distasteful. Pretending everything was sunshine and rainbows is disingenuous.
@@merrymachiavelli2041 im mainly pertaining to environmental problems, building sprawling cities, materialism and greed disguised as ambition is not sustainable in such tiny islands...
So i have a question. Say that you have 100 dollars. If you spend this 100 dollars on something, you won't actually get anything in return. In fact, you just lost that 100 dollars. But, if you spend that 100 dollars now, you are avoiding paying 200 dollars in the future. Can this be called an investment, when you technically doesn't gain any return from it?
@@Hjiel i guess, it's just weird when you think investing in something to make you not poorer, rather than the usual investing to get richer. Because like i said, you just spend that 100 dollars with nothing to show for it
That depends a lot. If you have a headaches and the medicine is $200, but for only one buck you can buy a bullet and cure all your future headaches permanently EE may call it a good investment.
Saying that Tuvalu is sinking is wrong or at best highly misleading. Tuvalu has seen a increase of total landmass of 2.9% from 1971 to 2014. Do not just regurgitate what other media or sources say, look at the actual research about the things you present as fact. Search "Patterns of island change and persistence offer alternate adaptation pathways for atoll nations" for the research paper about this from University of Auckland.
Would you kindly do an episode on Kenya especially rn coz our debt is around 63% of GDP and a huge chunk of the loan (almost 50%) is expected to be paid within the next 2-3 years..
as much as i appreciate the economic dives into all the interesting places in the world id hope you could throw in a zesty economics explained on a particular sector like energy for example, theres been reported breakthroughs in all kinds of technology but when reading those i never get detailed cost breakdowns unbiased or so i feel.
Pertaining to your ad-read: I'll worry about my carbon footprint as soon as the industrial behemoths do something more than just number-fudge their own carbon footprint. Even if every human was individually carbon-neutral, which is an impossibility, it still wouldn't put a dent into annual co2 emissions. So yeah, if I have to live in the world that burns around me, I may as well be comfortable when doing so. Call me up when fracking stops being a thing.
Ukraine before the war was not a very different nation, large landowners and state industrialists but the mass of capital was the remittances of carers working abroad.
Tuvalu being ranked higher than Russia, the biggest country on earth with lots of oil and natural resources and also nuclear weapons, speaks volumes about the quality of this EE index! It is beyond bizarre by now. ✌️
As tough a decision as it would be evacuating the people of Tuvalu and relocating to nations such as Australia and New Zealand is a sensible idea. They would have a much better quality of life in those countries and the country would no longer be an economic burden.
![The Wall Song ร้องข้ามกำแพง | EP.215 | พาเวล นเรศ - พูห์ กฤติน | 17 ต.ค. 67 [1/5]](http://i.ytimg.com/vi/IUzrjuf60P4/mqdefault.jpg)
The first 100 people who sign up using the link in the description will have 10 extra trees planted in their name! www.wren.co/start/economics
You're a failure for supporting China through climate double standards, which isa trojan horse ensuring the west loses ww3. take it from a factory owner.
personal carbon footprint?
that was literally invented by BP as a PR campain LOL
@@Nagria2112 and then sell those trees to a logging company and pay private mercenaries to kick the local poor indigenous tribes people off their land.
make an video about nauru, they have a new port that accepts large ships. on Google Maps appears a container ship appears stopped in the port.
Please do a video on the port of Rotterdam
Seeing Tuvalu, literally a spit of sand, rank higher than Sri Lanka is the knife to my heart I didn't know i needed 🔪
As a srilankan myself, I understand your pain
Skill issue 🤣🔥💪
Just ignore the EE leaderboard. It's long since stopped being meaningful. Even EE himself often implies as much with the way he introduces it for 'countries' that he himself admits don't really belong there.
@@ArawnOfAnnwn we know that obviously, it still sucks tho
@Станіс that's kind of the point though.
It's basically impossible to summarize an entire economy into a number without losing a lot of detail and ignoring nuance.
Argentina and Tukey being on the same score as Tuvalu is so funny to me. I can't even argue with this.
Tuvalu is a small nation trying its best with a functional government and creative ideas to survive. Argentina and Turkey are big countries that have squandered away almost everything they had.
As an Argentinian i have to agree with your comment. Bwe have the land, the people and the resources but we have crappy people with ever crappier polititians so we have been on decline for the last 2 decades
Turkey's position is way out of whack. Frankly the EE leaderboard as a whole is way of whack anyway, so it's best to ignore it.
@@youknow_nothingArgentina has been doomed since Peron and until Peronism dies
Nah the rating system is garbage. It relies more on presenters opinions and perceptions instead of been scientific.
@randomnickname123 How could it be improved?
EE: Tuvalu not going to sink overnight, but it will become uninhabitable in coming decades.
Also EE: Stability and confidence is... fine. 6 out of 10. 😂
My first thought was, how can you have confidence in a country that won't exist at the end of the century.
@@kingofhearts3185olitically it is very stable. The result of a small population and a culture where you call even people not related to you brother, sister or cousin. So the people and culture are stable, which is more important for economies.
The actual land.... eh.
@@CortexNewsService That's all fine and dandy, but they'll be a historic footnote in my lifetime.
I think that more than stability he's measuring predictability. He always say that uncertainty is bad for economics. These people are certain that they years are counted.
I think he means stability now. Not decades in the future.
An economy without a country is an online company
🤯
@@raysi9499 Amazon and Google.
More like under sea
The first 100 people who sign up using the link in the description will have 10 extra trees planted in their name! www.wren.co/start/economics
This is my favorite national leaderboard episode, thanks! I'd love to see more Pacific Oceania states as well.
As a Brit, I must correct you, our country-level domain ending is .uk not .gb
It's both, but .gb is now considered "reserved". There are a handful of .gb domains, but the UK government has informed ICANN of their intention to retire it completely.
@@talideon So what's gonna happen to it if Scotland leaves the union?
@@ArawnOfAnnwn It would form it own country and then can apply to ICANN to get it's own country code Top Level domain (ccTLD).
@@TankEnMate I meant for England, not Scotland. With them gone, the 'United Kingdom' name makes even less sense. All that'd be left is Wales and a bit of Ireland that's itself in a weird position post-Brexit. It'd become an ongoing embarrassing reminder of what they once were, so it may be better to change it to something else.
who cares!
Great to see Tuvalu get some air time. Sadly, they are not alone. Kiribati (bit further east from Tavalu) is in exactly the same situation, minus the Twitch income...
The Pacific Island nations will probably still exist as sovereign entities "on paper" even if the citizens have to move somewhere else (probably Australia or U.S.A.). This would be to protect the legal rights of the former citizens, especially for the resources in the EEZ (exclusive economic zone) around the now-uninhabited islands. An outside military power (again, probably Australia or U.S.A.) would have to enforce those rights, but I believe the legal existence of nations like Tuvalu and Kiribati will be allowed to continue (for legal protection reasons if nothing else) as long as its former citizenry (and their descendants) are still alive.
An EE episode on Bangladesh-- a possible next Asian tiger, has170M people (half of US population), is going through rapid industrialization and has strategically important geo political location, is neighbor to large economies- India and China, has big skillful diaspora similar to India or China and a (flawed) democracy.
Ikr, Nobody seems to like making videos about Bangladesh for whatever reason. Despite being very geopolitically and economically important to the world.
@@makisekurisu4674 Probably because it's just India B
Bangladesh just surpassed Pakistan in all economic sectors 👏👏👏
@@azahel542No.
This is a country that badly needs Starlink and a big effort to push educate the kids to work in the digital economy.
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The ETF/Equity market keeps swinging.
When the news is the worst and investor confidence is at its lowest, indices routinely turn from a bear market to a bull market. This illustrates how quickly the market's direction may change.
@@hannahdonald9071 Because an investing coach's skill set is built on short- and long-term holdings for profit realisation and because of their distinctive analysis, it is nearly impossible for them to underperform, I prefer to seek their counsel while making daily investment selections. I've been working with my coach on investing for literally four years now, and we have already produced significant net profits.
@@tampabayrodeo2474 I've been looking at comparable opportunities in the current market because I know a lot of people who made fortunes from the Dotcom crash and the 2008 crash. Could this consultant who helps you be of any assistance?
I've been consulting with SALVATORE FORTUNATO SOFIA, a financial consultant whom I learned about and got in touch with thanks to a Kiyosaki radio interview she was featured on. Since then, she has served as the point of entry and departure for the equities/stocks we have emphasised. A search using her name on the internet can be done if tracking is necessary.
I still want Ghana. They have the goal of becoming the first developed economy in Africa. I would love your analysis to see if they can really do it.
Tuvalu needs to think of itself as a business that needs to be liquidated. They need an evacuation plan, should create a deal with a large country to create the smoothest permeant evacuation plan possible. Maybe choose a part of Tuvalu that can be turned into a great tourist destination that provides income to assist in the transition.
I wonder if a country could just go "fully remote". If everyone in the 'country' is working abroad, do you really need a country to physically exist? It could just be an uninhabited island in the middle of the ocean where companies are registered and internet domains exist in theory (all hosted by international providers), it conducts remote voting and all the functions of government remotely, etc.
Love remote working? Try remote citizenship!
I actually suggested they build more in stone so when the island does sink, it can be turned into a tourist spot. Would be pretty unique to scuba dive into a town and the island would still make money even when uninhabitable!
I think "fully remote" is what will happen to Tuvalu in the second half of this century. The entire civilian population will be evacuated to somewhere else (probably Australia), but the country will still exist "on paper" as a sovereign entity. The military of a different country (either Australia or U.S.A.) will have bases on the remaining pieces of land above water to protect and enforce the claims of the remaining Tuvaluan citizens and their descendants to the resources of the EEZ (exclusive economic zone) Tuvalu currently has.
How can a country that is sinking below the ocean have a "Stability & Confidence" rating of 6/10?
I sort of get that. Plenty of countries have faced a major crisis, including existential ones. Some had good systems and continued to have an effective organized resistance to the threat,…and won, some did the same and still lost, some fell into total chaos and panic pretty quickly.
And the manner of this response is independent of the threat itself and makes a difference to chances of success.
I still remember the Tuvalu dancers performing at the Pacific Festival of Arts (PacFest) in Guam in 2016. This video made me realize: 1) the cost of even attending the event was significant for those who came and 2) they represented a substantial part of the population.
Where is the video on Poland? : " )
I've been waiting for it
Wanted to ask the same thing
That will come by the end of this month or the begging of next month
@@thatvexiolu a patreon? : )
Can you do Caribbean nations like Barbados, Jamaica, Trinidad, and Tobago, etc? We need more focus on Small Island Developing (SID) nations
Isn't Trini' developed now?
@JJQuilon T&T is still classified as a "developing country" like most Caribbean islands.
Dominican Republic and Bahamas are the two only decent countries in the caribbean
@@Stone56373 Trinidad? Saint Kitts Nevis, Dominica????
@poland9904 Barbados and T&T are punching above their weights in the Caribbean.
The case of Tuvalu is perhaps the perfect example of why widely different economies simply can't be judged based on the same measures. Growth for a nation like Tuvalu is very different from growth for a nation like say Australia or the US. As EE said himself, Tuvalu has 0 industry and all its economic output comes from overseas. Therefore the growth Tuvalu's economy is seeing is sheer luck(.tv domain) or rising salaries around the world which directly impact Tuvaluans working abroad and sending money back home. The point is, for a nation like Tuvalu the growth statistic is utterly meaningless as it has nothing to do with the nation itself. The video on Somalia also showcases this from a different angle, as in Somalia's case the growth was caused by people switching over from the unofficial(black) economy to the official one, not the official economy actually doing any better.
Basically what I'm saying is that the different economy classifications, from advanced to undeveloped require different statistics to evaluate them. Putting them all on the same scale judged by the same metrics(those of advanced economies) vastly skews the reality on the ground. It doesn't help that even within the same economic classification other than the top one(advanced economy) the differences are quite extreme. Tuvalu's economy is nothing like Somalia's which is nothing like Lebanon's yet they're all 'undeveloped economies'.
Nice summary. Another asset Tuvalu has is its territory and its exclusive economic zone. This total mass carves out a big chunk of the South Pacific. Fishing rights (if respected) and unexplored mining rights could be a potential goldmine. It also holds a strategic second island chain, which could benefit if it played off China and the U.S. against each other.
It is very possible that 50-60 years down the road Tuvalu might have been evacuated of its CIVILIAN population due to the rising ocean levels, but a different country (probably either Australia or U.S.A.) has military bases on whatever outcrops of land are still above water to protect Tuvalu's EEZ. The country of Tuvalu would still exist "on paper" as a legal sovereign nation, but in practice the only thing left in the real world above water would be those military bases.
Why do this? So that when the islands do have to be evacuated, the legal rights to the resources of the EEZ would be protected and managed by someone the Tuvaluans would trust to properly take care of them. (Read: NOT China or Russia!)
Your economic leaderboard is the very definition of the cruel science.
Not only is the ocean rising, but the island is sinking.
Always interesting, thank you.
I hope the Philippines will be covered soon in this channel. I guess it would score between 3 and 4 (hoping it won't get less than 3).
He covered it three years ago
Mabuhay! I just left the Philippines yesterday, one of my favorite places on the planet. I'd definitely give it a higher score!
Tuvalu:
We will be wiped off the planet in just a few years
Russia:
Hold my vodka
Ahahaha, true
Lol this isn't even close to being true.
@@ArawnOfAnnwn in fact, Russians do consume a lot of vodka, so the assumption that they would be holding (a bottle of) vodka is perfectly fair
Tuvalu looks like a profile picture of Dustin Hoffman.
As always, an interesting and entertaining video. I know nobody can predict the future, least of all economists (😂) but would you considere another channel with hypothetical answers to some of these issues and what there impacts could be. EG Tuvalu made a bigger port, would this decrease cost of living, could they import things to add value to then export them again, if the port was also a marina would this attract tourists with money to visit on their jollies across the Pacific... Not a 'should do' video, but just to explore economic concepts in these specific contexts. Thanks again 😊
Well this was very uplifting thankyou!
Floats above the rest
5:50 Isn’t the Great Britain country domain actually “ .uk” ?
Sounds like a very... fluid situation!
I love how you're Australian and somehow used an outdated AUD denomination (by 40 years!)
You helped me realize that an Economy can be thought of like a personal budget for a country. Assets vs liabilities, input vs output, money in vs money out. You also drew a parallel between economy and a business. I also learned about its internet country code. Unfortunately, my Economics Explained economic epiphany was short lived when my brain began to overheat and short circuit on the thought of all the uncontrollable and unknown variables to factor in 🤯 Excellent lesson! ❤
Great videos, When will you do Colombia?
Could you guys do video on economic methodology?
Tuvalu Spaceport! :)
Tuvalu is quite close to the equator and the USA, it could become a space launch hub (but there are other less developed pacific islands that are closer to the equator still).
But if they can offload shipping containers then they can offload rockets from companies like Alpha, who need commercial launch sites as close to the equator as they can get... $$$
Tuvalu is 20 degrees closer to the equator than Florida based sites, that's a big payload gain!
Shipped from North Tuvalu Spaceport :)
@@slevinchannel7589 To what end? :)
@@slevinchannel7589 I was asking... what for? To what end? Why?
My comment was about economic options, not Tuvalu sinking..
I'm just not seeing the connection between watching videos about a subject I'm already familiar with, and my original comment... :)
Please make a video about Fiji!❤
Really informative video, Economics Explained team!
Thanks for discussing somewhere a bit different, I’m sure all of us have much better awareness of this island nation now. It’s terribly sad to hear but it just seems it’s one of those situations that will inevitably get worse. Very unfortunate for its population...😢
Stability is fine when it's gonna be underwater? 😂
Great video, but the 'blotchy' shader you put over the first 30 seconds of the video had me seriously worried something had happened to my TV...
Would love to see Mauritius 🇲🇺 on the leaderboard
That's some asgard level talk in the end
Maybe a video on the economic costs of Climate Gate.
The Funafuti atoll of Tuvalu (0:10) looks like a head.
Wow, at 5:10 you had a picture of a paper Aussie dollar. A lot of Aussies wouldn't know what one looked like ... thanks mate. 🤓🇦🇺
Tuvalu tied with Argentina hahahaha
I’m sorry, I couldn’t keep it straight after seeing that
I'm going to Tuvalu this summer
12,000 people is not that many to relocate. I'm sure it would be relatively easy to find new homes for these people in nearby countries once the sea gets close to swallowing the island.
One slight problem there is "nearby countries."
Kiribati, Fiji and Tonga are also battling sea level rise. And it's about as far away from Australia as it is from Hawaii.
0:01 Tuvalu kind of looks like Peter Griffin's head, geographically.
Would love to see an episode on Timor Leste
😅This sinking country is way wealthier than my country. Could you please do an episode on East Africa especially with its relations with China
10:55 the Doug Demuro of economics
Great video👏 would you ever consider covering Greenland?
When the last person leaves the island, it will be occupied by a major power like China, Australia or the US and dredged into a naval base.
No deep water access or harbor 😢
Probably will be an airbase not a naval base! 😉
That'll be too on the nose and likely lead to horrible press coverage. It's also not clear if the country will actually disappear legally. It may have a government in exile that still holds claim to the territory, even if they only manage their people abroad. Sure it'll be a powerless govt., but given the massive controversy that doing such a thing will generate, it's most likely the remains of the island will be turned into a kind of monument by the climate movement. People may not live there anymore, but they will visit it to make a point.
@@ArawnOfAnnwn SOMEONE will occupy the islands to protect the EEZ (and resources inside it) Tuvalu currently claims. The only questions are "Who will do it?" and "Would the Tuvaluan government in exile be OK with whoever's doing it?"
If it's Australia or the U.S.A. doing it, there shouldn't be any problems. If it's Russia or China, there will be problems.
@@gordontaylor2815 "If it's Australia or the U.S.A. doing it, there shouldn't be any problems. If it's Russia or China, there will be problems." - tell me your biases without telling me your biases lol. 😅
It's remarkable that there are much bigger countries with significantly worse scores, good job tuvalouans!
Tuvalu's leaders are like athletes who play well on losing teams: they're balling out, they just don't have anything to work with 😪
I get a lot of recommendations for Jessica Darrell from friends. Her strategy must be good for people to testify a lot about her.
For real she's very profitable
Whole life is a joke in every sense, the investment side of a whole life policy gives the poor return and stabilized the rich
@jessica__darrell
Tuvalu is actually exceedingly lucky that tourism is almost nonexistant there. If it became a popular destination it would price the locals right off the island long before they become climate refugees.
I imagine they could do really well by providing luxury villas to long-term ultra-rich part year residents.
What does pegging 1 country to another mean really? Like - why don’t most countries just make a new currency and peg it 1-1 with the dollar? Is it not that easy, or not that advantageous?… I don’t get how Tuvalu pegged their currency to AUD 1-1.
Well the currency is mostly pegged to what the country has in its reserves since Tuvalu has alot more Australian dollars than US dollars it makes sense to peg it to Australian dollars.
Furthermore, if they wanted to peg the currency to the US dollar they would need to by them
Literally just means you can go and exchange a Tuvaluan dollar for an Australian dollar. A peg only works as long the country pegging their currency, such as Tuvalu to Australia, has enough foreign currency they pegged their currency to in their reserves. Countries do it to give more stability and confidence to their own currency, since people wont demand to get paid in a different currency etc if they know they can just go to the bank and exchange their money for another countries more stable money whenever they need it.
The simple version of an answer to your questions:
Currency pegging is simply the act of setting a fixed exchange rate between two currencies. A government or financial institution (even an individual) can attempt to set a fixed exchange rate between two currencies at any time. In order to do so successfully, the rate setter must establish trust that they will always facilitate exchanges between the two currencies at the set rate.
It is easy in principal, but not in practice, and when done successfully can provide long-term predictability of exchange rates for business planning and help to promote economic stability.
Just means you can always swap them 1:1 with the government of Tuvalu.
Appreciate all the replies!
So, in a nutshell, it's an Anzac cheaper labor island that will eventually perish and create climate refugees. Why not just give them an island to relocate and continue their culture if they wish so instead of being integrated in to a society that will likely treat them as low cost labor refugees, they may continue to thrive with the ocean.
it might be cheaper to integrate them into australia and new zealand, because 12k people isnt a lot and many from this island already work for australia
@@manyseas1219 indeed, it takes effort to restart. that is why i mentioned "if they wish". besides, compared to the money spent on proxy wars these days, am sure their relocation cost would be a drop in the water compared in size of the vast ocean of weapons
Part of the issue with that is that Pacific culture is very connected to the land.
It's easy to say "Just move" to a group of people, but as the Brits have shown, people tend not to like that.
I Wish I could visit Tuvalu before it sinks.
Or go to Dubai there must be something else to do there other than go shopping
The impact from rising seas is actually a bit more complicated than the 3.9mm per year might suggest. Small tropical island nations gain land from wind deposited particles, with the result that they slowly change shape while changing little in total land area.
Can you analyze the Bahamas? I'm always curious about the economics of Island nations
Sadly, this is the single WORST compilation of EE.
1. "builds up quickly over decades" = FACT 3.9cm over 100 years is not "quick" on any reasonable measure
2. University of Auckland peer-reviewed study (2018) used satellite imagery to measure Tuvalu's changing land area over four decades. Between 1971 and 2014, it showed, the country grew by more than 73 hectares, or 2.9 per cent
Why does Tuvalu look like an angry Alfred Hitchcock looking to the left? 3:29
The land area has actually risen 2.9% in the last four decades contrary to popular belief 1:11 3:12
Do Malaysia next
I didn't realise this country had the population of the town of sowerby bridge..
Now it’s time to put Sowerby Bridge on the Economics explained leader board …
@@ThreeRunHomer besides a near excessive number of local pubs and a booming weed industry I'm not sure if we've got much to talk about XD
3.9 mm per year sea level rise is misleading. you can only get this if you take a recent short term time snippet and measure from a low point to a high point. to be statistically significant you need a time period of about 60 years if you take this the average sea level rises per year is more like two millimetres.
sinking economy, sinking island...
*GROWTH: 10/10*
Sadly many islands will be under water as the things going by
personal carbon footprint?
that was literally invented by BP as a PR campain LOL
nice touch with the Aussie Dollar note mate. I still keep one in my wallet.
These pacific island nations shows the perfect balance between nature and man, that is before the introduction of the western idea of 'prosperity'.
Having done research in architecture in these island nations, they have adapted to cope with this type of environment, like the shifting of the island (or what the media like to call it 'sinking') and sea water inundation, and they've been doing that for thousands of years and it reflects to the architecture that evolve as an outcome of that adaptation; they built their traditional houses as temporary and can be easily moved once the land shifted...
Now when they started building with concrete and steel and paved their roads, build seawalls, they started having all sorts of these problems... the point is; what globalization considers and defines 'better' is not always suitable for others...
I'm...skeptical. Are you suggesting that before colonialism, pacific islanders had no issues? No wars, no tyrannical rulers, no oppressive social norms...nothing? I call BS. The Maori at least, practiced slavery, cannibalism and in one instance genocide. Other Polynesian people's likely did similar things or other things we'd find socially distasteful. To clarify, I'm not bashing Polynesians or calling them barbaric, it's just they are humans, and most human societies historically had attributes we'd now find distasteful. Pretending everything was sunshine and rainbows is disingenuous.
@@merrymachiavelli2041 im mainly pertaining to environmental problems, building sprawling cities, materialism and greed disguised as ambition is not sustainable in such tiny islands...
Your right but your also forgetting that climate change is threatening to put it all of the island into the ground by the end of this century
Yay another mindless post saying “the white man bad”
So i have a question. Say that you have 100 dollars. If you spend this 100 dollars on something, you won't actually get anything in return. In fact, you just lost that 100 dollars. But, if you spend that 100 dollars now, you are avoiding paying 200 dollars in the future. Can this be called an investment, when you technically doesn't gain any return from it?
Well, the return is not having a $200 liability in the future. Sounds like a pretty solid investment depending on when the $200 are due.
@@Hjiel i guess, it's just weird when you think investing in something to make you not poorer, rather than the usual investing to get richer. Because like i said, you just spend that 100 dollars with nothing to show for it
That depends a lot. If you have a headaches and the medicine is $200, but for only one buck you can buy a bullet and cure all your future headaches permanently EE may call it a good investment.
What's the point of putting Tuvalu at the Economics Explained leaders board man?
3:30
Is it me or do you see a face from when you look at the country from the sky (downward)?
for a country that the thumbnail said will be literally non existent by 2050 thats an awfully high stability and confidence score lol
Saying that Tuvalu is sinking is wrong or at best highly misleading. Tuvalu has seen a increase of total landmass of 2.9% from 1971 to 2014. Do not just regurgitate what other media or sources say, look at the actual research about the things you present as fact. Search "Patterns of island change and persistence offer alternate adaptation pathways for atoll nations" for the research paper about this from University of Auckland.
I think i'll be moving to tuvalu
Would you kindly do an episode on Kenya especially rn coz our debt is around 63% of GDP and a huge chunk of the loan (almost 50%) is expected to be paid within the next 2-3 years..
Tuvalu above argentina and close to Brazil seems right, no Joke.
don' forget all of those licensed coins they sell via the Perth mint. Think they do a new one nearly every week.
as much as i appreciate the economic dives into all the interesting places in the world id hope you could throw in a zesty economics explained on a particular sector like energy for example, theres been reported breakthroughs in all kinds of technology but when reading those i never get detailed cost breakdowns unbiased or so i feel.
Funny to think that 10% of your economy is depending on having some random guy dozens of years ago write two letters in a table.
Pertaining to your ad-read: I'll worry about my carbon footprint as soon as the industrial behemoths do something more than just number-fudge their own carbon footprint.
Even if every human was individually carbon-neutral, which is an impossibility, it still wouldn't put a dent into annual co2 emissions.
So yeah, if I have to live in the world that burns around me, I may as well be comfortable when doing so. Call me up when fracking stops being a thing.
Shout out to the Aussie single note $🤩
youre really going to give a country with an unavoidable existential crisis a 6/10 for stability and confidence? 0 or 1 is only appropriate.
Ukraine before the war was not a very different nation, large landowners and state industrialists but the mass of capital was the remittances of carers working abroad.
What is the average sea level height of Sydney city or Port Melbourne, 2m?
Tuvalu being ranked higher than Russia, the biggest country on earth with lots of oil and natural resources and also nuclear weapons, speaks volumes about the quality of this EE index! It is beyond bizarre by now. ✌️
I cannot tell if this is sarcastic or not.
A lot of hot air with little content!
Great video, but at 5:52 it's .uk not. gb
9:00 Dude, It's just not possible to reverse sea level rise
There are ways of raising islands ... it's going to be a question of money.
2.8mm per year. Slow enough to adjust in an orderly manner. No need for climate panic.
As tough a decision as it would be evacuating the people of Tuvalu and relocating to nations such as Australia and New Zealand is a sensible idea. They would have a much better quality of life in those countries and the country would no longer be an economic burden.
5:08 Will that change now Charles III is on the throne or is not worth the cost of minting new coins?
Plane ticket from Texas to Tuvalu is $8200!!!🤯🤯🤯🤯💀💀💀💀