Americans Are at Home Everywhere In the World

If you’re a U.S. citizen, you’re at home anywhere in the world. No other nationality can claim this.

While the British empire spanned the globe (1/4 th of the world’s land mass) after WWII, it’s not as though the British found themselves at home in each jewel within the crown.

The U.S. is different. Consider the dollar. Without excusing Treasury’s routine mismanagement of the currency since 1971, the dollars that Americans have sitting in their pockets are almost literally accepted as exchange media anywhere in the world.

While a U.S. bellman, waiter, or Starbucks barista would look askance at a British pound, euro, yen, yuan, or Swiss franc, bellmen, waiters and baristas in every country represented by those currencies gladly accept dollars as tips. As for the rest of the world, it’s no insight to point out that while not the world’s legal tender, the dollar circulates for big ticket items anywhere big ticket items are sold.

Language? The English language is arguably more globalized than the dollar. Even in countries like China, all street signs include both Chinese characters and the English spelling of the street.

What about market goods? About them, quick, name a Chinese, British, or Spanish product or brand you routinely see while driving around, in shops, or on Amazon. Tick tock, tick tock.

This isn’t to say that there aren’t numerous amazing products from the countries mentioned, including TikTok. Furthermore, the countries mentioned didn’t include Japan and Germany, and the various cars produced in both that Americans can’t get enough of here. But still…

With the possible exception of Japanese cars on American streets, TikTok on American smartphones, and British music on American radio, global penetration into the U.S. is small. Or at least less noticeable. Which is why arguably the most effective cure for American protectionism of all would involve Americans getting out of the United States.

It’s been written routinely here for years and decades that the Chinese are conducting a passionate love affair with all things American. It’s not just that a fifth of all iPhones sold are purchased in China, it’s that there are thousands of McDonald’s and Starbucks throughout China, not to mention Apple, Microsoft, Nike, Polo, and Walmart stores everywhere you look.

Great Britain is no different. A ride through London or any of its major cities reveals once again McDonald’s, Starbucks (1,387 locations), KFC, and all sorts of other Americana in abundance. While British, Chinese and Italian people can come to the U.S. to largely eat Americanized (some would say bastardized) versions of their food, Americans can literally eat their food all over the world. The French may look down on American cuisine, but do so while patronizing 1,589 McDonald's in France.

Which is the point about odious American protectionism. Implied in it is that the rest of the world has barriers to U.S. goods. That’s what President Trump says when he talks “trade deficits.” What nonsense. If we forget that all trade balances by definition, a trip to any mildly prosperous country anywhere in the world reveals American brands everywhere, including American brokerages so that the world can import shares in the world’s most valuable (meaning American) corporations.

Yes, they’re working feverishly around the world to get, and in the getting they purchase Americana like nothing else. Talk about an empire, which is why it’s so sad to see our political class persistently act like the whole world is taking advantage of us.

How wrong, but also how sad. How sad that the world’s greatest empire has politicians who keep acting like it’s not.

Originally published on Real Clear Markets.