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Economy
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Economy
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Overview
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Economic activity is limited to servicing meteorological and geophysical research stations, military bases, and French and other fishing fleets. The fish catches landed on Iles Kerguelen by foreign ships are exported to France and Reunion.
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The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
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Environment
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Current issues
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introduction of foreign species on Iles Crozet has caused severe damage to the original ecosystem; overfishing of Patagonian toothfish around Iles Crozet and Iles Kerguelen
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air pollution resulting in acid rain in both the US and Canada; the US is the largest single emitter of carbon dioxide from the burning of fossil fuels; water pollution from runoff of pesticides and fertilizers; limited natural fresh water resources in much of the western part of the country require careful management; desertification
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Geography
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Area
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Comparative
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<strong>Ile Amsterdam (Ile Amsterdam et Ile Saint-Paul): </strong>less than one-half the size of Washington, DC<br /><strong>Ile Saint-Paul (Ile Amsterdam et Ile Saint-Paul):</strong> more than 10 times the size of The Mall in Washington, DC<br /><strong>Iles Crozet:</strong> about twice the size of Washington, DC<br /><strong>Iles Kerguelen:</strong> slightly larger than Delaware<br /><strong>Bassas da India (Iles Eparses):</strong> land area about one-third the size of The Mall in Washington, DC<br /><strong>Europa Island (Iles Eparses):</strong> about one-sixth the size of Washington, DC<br /><strong>Glorioso Islands (Iles Eparses):</strong> about eight times the size of The Mall in Washington, DC<br /><strong>Juan de Nova Island (Iles Eparses):</strong> about seven times the size of The Mall in Washington, DC<br /><strong>Tromelin Island (Iles Eparses):</strong> about 1.7 times the size of The Mall in Washington, DC
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about half the size of Russia; about three-tenths the size of Africa; about half the size of South America (or slightly larger than Brazil); slightly larger than China; more than twice the size of the European Union
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Geography
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Climate
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<strong>Ile Amsterdam et Ile Saint-Paul: </strong>oceanic with persistent westerly winds and high humidity<br /><strong>Iles Crozet:</strong> windy, cold, wet, and cloudy<br /><strong>Iles Kerguelen:</strong> oceanic, cold, overcast, windy<br /><strong>Iles Eparses:</strong> tropical
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mostly temperate, but tropical in Hawaii and Florida, arctic in Alaska, semiarid in the great plains west of the Mississippi River, and arid in the Great Basin of the southwest; low winter temperatures in the northwest are ameliorated occasionally in January and February by warm chinook winds from the eastern slopes of the Rocky Mountains
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Geography
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Coastline
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2,948.4 km
Ranked 41st.
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19,924 km
Ranked 9th.
7 times more
than
French Southern and Antarctic Lands
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Geography
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Geographic coordinates
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<strong>Ile Amsterdam (Ile Amsterdam et Ile Saint-Paul): </strong>37 50 S, 77 32 E<br /><strong>Ile Saint-Paul (Ile Amsterdam et Ile Saint-Paul):</strong> 38 72 S, 77 53 E<br /><strong>Iles Crozet:</strong> 46 25 S, 51 00 E<br /><strong>Iles Kerguelen:</strong> 49 15 S, 69 35 E<br /><strong>Bassas da India (Iles Eparses):</strong> 21 30 S, 39 50 E<br /><strong>Europa Island (Iles Eparses):</strong> 22 20 S, 40 22 E<br /><strong>Glorioso Islands (Iles Eparses):</strong> 11 30 S, 47 20 E<br /><strong>Juan de Nova Island (Iles Eparses):</strong> 17 03 S, 42 45 E<br /><strong>Tromelin Island (Iles Eparses):</strong> 15 52 S, 54 25 E
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38 00 N, 97 00 W
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Geography
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Location
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southeast and east of Africa, islands in the southern Indian Ocean, some near Madagascar and others about equidistant between Africa, Antarctica, and Australia
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North America, bordering both the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico
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Geography
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Natural resources
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fish, crayfish
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coal, copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber
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Geography
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Terrain
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<strong>Ile Amsterdam (Ile Amsterdam et Ile Saint-Paul): </strong>a volcanic island with steep coastal cliffs; the center floor of the volcano is a large plateau<br /><strong>Ile Saint-Paul (Ile Amsterdam et Ile Saint-Paul):</strong> triangular in shape, the island is the top of a volcano, rocky with steep cliffs on the eastern side; has active thermal springs<br /><strong>Iles Crozet:</strong> a large archipelago formed from the Crozet Plateau is divided into two groups of islands<br /><strong>Iles Kerguelen:</strong> the interior of the large island of Ile Kerguelen is composed of rugged terrain of high mountains, hills, valleys, and plains with a number of peninsulas stretching off its coasts<br /><strong>Bassas da India (Iles Eparses):</strong> atoll, awash at high tide; shallow (15 m) lagoon<br /><strong>Europa Island, Glorioso Islands, Juan de Nova Island:</strong> low, flat, and sandy<br /><strong>Tromelin Island (Iles Eparses):</strong> low, flat, sandy; likely volcanic seamount
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vast central plain, mountains in west, hills and low mountains in east; rugged mountains and broad river valleys in Alaska; rugged, volcanic topography in Hawaii
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Government
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Administrative divisions
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none (overseas territory of France); there are no first-order administrative divisions as defined by the US Government, but there are five administrative districts named Iles Crozet, Iles Eparses, Iles Kerguelen, Ile Saint-Paul et Ile Amsterdam; the fifth district is the "Adelie Land" claim in Antarctica that is not recognized by the US
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50 states and 1 district*; Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia*, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
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Government
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Executive branch
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Chief of state
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President Francois HOLLANDE (since 15 May 2012), represented by Senior Administrator Pascal BOLOT (since 29 February 2012)
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President Barack H. OBAMA (since 20 January 2009); Vice President Joseph R. BIDEN (since 20 January 2009)
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Government
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International organization participation
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UPU
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ADB (nonregional member), AfDB (nonregional member), ANZUS, APEC, Arctic Council, ARF, ASEAN (dialogue partner), Australia Group, BIS, BSEC (observer), CBSS (observer), CD, CE (observer), CERN (observer), CICA (observer), CP, EAPC, EAS, EBRD, EITI (implementing country), FAO, FATF, G-20, G-5, G-7, G-8, G-10, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSTAH, MONUSCO, NAFTA, NATO, NEA, NSG, OAS, OECD, OPCW, OSCE, Paris Club, PCA, PIF (partner), SAARC (observer), SELEC (observer), SICA (observer), SPC, UN, UNCTAD, UNESCO, UNHCR, UNITAR, UNMIL, UNMISS, UNRWA, UNSC (permanent), UNTSO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC
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Government
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Legal system
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the laws of France, where applicable, apply
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common law system based on English common law at the federal level; state legal systems based on common law except Louisiana, which is based on Napoleonic civil code; judicial review of legislative acts
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People
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Population
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0.0
Ranked 236th.
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316.67 million
Ranked 3rd.
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Transport
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Airports
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4
Ranked 184th.
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13,513
Ranked 1st.
3378 times more
than
French Southern and Antarctic Lands
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Geography
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Elevation extremes
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Highest point
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Mont de la Dives on Ile Amsterdam (Ile Amsterdam et Ile Saint-Paul) 867 m; unnamed location on Ile Saint-Paul (Ile Amsterdam et Ile Saint-Paul) 272 m; Pic Marion-Dufresne in Iles Crozet 1,090 m; Mont Ross in Iles Kerguelen 1,850 m; unnamed location on Bassas de India (Iles Eparses) 2.4 m; unnamed location on Europa Island (Iles Eparses) 24 m; unnamed location on Glorioso Islands (Iles Eparses) 12 m; unnamed location on Juan de Nova Island (Iles Eparses) 10 m; unnamed location on Tromelin Island (Iles Eparses) 7 m
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Mount McKinley (Denali) 6,194 m (highest point in North America)
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Government
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Country name
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Conventional long form
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Territory of the French Southern and Antarctic Lands
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United States of America
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Government
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National symbol(s)
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sea lion
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bald eagle
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Geography
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Irrigated land
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0.0
Ranked 15th.
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230,000 sq km
Ranked 3rd.
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Geography
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Natural hazards
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Ile Amsterdam and Ile Saint-Paul are inactive volcanoes; Iles Eparses subject to periodic cyclones; Bassas da India is a maritime hazard since it is under water for a period of three hours prior to and following the high tide and surrounded by reefs
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tsunamis; volcanoes; earthquake activity around Pacific Basin; hurricanes along the Atlantic and Gulf of Mexico coasts; tornadoes in the Midwest and Southeast; mud slides in California; forest fires in the west; flooding; permafrost in northern Alaska, a major impediment to development
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Government
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Flag description
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the flag of France is used
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13 equal horizontal stripes of red (top and bottom) alternating with white; there is a blue rectangle in the upper hoist-side corner bearing 50 small, white, five-pointed stars arranged in nine offset horizontal rows of six stars (top and bottom) alternating with rows of five stars; the 50 stars represent the 50 states, the 13 stripes represent the 13 original colonies; the blue stands for loyalty, devotion, truth, justice, and friendship; red symbolizes courage, zeal, and fervency, while white denotes purity and rectitude of conduct; commonly referred to by its nickname of Old Glory
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Geography
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Maritime claims
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Territorial sea
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12 nautical mile
Ranked 11th.
The same as
United States
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12 nautical mile
Ranked 61st.
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