Tidbits, Anniversary of Declaration of Independence, Wheat & Corn Comments 7/4/26

America on its 250th anniversary of Declaration of Independence

In 1776, America was the first colony which had ever dared to declare itself independent from another country. Haiti was the second country of the world to declare and win its independence twenty some years later.  

From George Washington's First Inaugural Address:

"It would be peculiarly improper to omit in this first official act my fervent supplications to that Almighty Being who rules over the universe, who presides in the councils of nations, and whose providential aids can supply every human defect, that His benediction may consecrate to the liberties and happiness of the people of the United States a Government instituted by themselves..."

He closed with another appeal: "...not without resorting once more to the benign Parent of the Human Race in humble supplication that... His divine blessing may be equally conspicuous in the enlarged views, the temperate consultations, and the wise measures on which the success of this Government must depend."

Toussaint Louverture was the George Washington of the Country of Haiti; he is considered the Father of Haitian Independence. He was a brilliant military tactician who organized and led freedom fighters against French, Spanish, and British forces. After Haitian Independence had been won in the late 1790’s, a constitution was adopted in 1801 which named him as Governor-General for Life. Legend has it that in his acceptance speech, he dedicated Haiti to the devil. We all know how that turned out.  

In 1826, 50 years after America declared its independence, the world's per capita Gross Domestic Product (GDP, the value of all goods and services produced in a year) was $650 in current U.S dollars. China’s GDP per person was $750, and the U.S. was $1250. But China had so many people, its GDP was 33% of the world’s economy; the U.S. share was only 1.9%!

In 1876, the world's per capita GDP was $950; China’s was $550, and the U.S. was $2450. China’s GDP was 18% of the world’s economy; the U.S. was a 9.5% share. The UK had a 9% share.  

In 1926, the world's per capita GDP was $1750. China’s GDP per person was $550, and the U.S. GDP per capita was $6500. The United Kingdom had the second largest GDP share at 7% well behind America's 19% of the world’s GDP. 

In 1976, the world's per capita GDP was $4500. China’s GDP per person was $900, and the U.S. was $19,000. America produced 28% of the world’s GDP, the UK and China each produced 4% of the world’s GDP..

In 2026, the world's per capita GDP is estimated at $13,500. China’s GDP per person is second at $12,500, and America's is $80,000! The U.S. will produce 28% of the world’s GDP and China will produce 18% of the world’s GDP. The UK will produce just 2% of the world’s GDP.  What do you suppose America's economy would be like if we were still a colony of England?  

America is blessed with good soil and a climate suitable for crop production, but so are many other countries. Data from USDA, World Bank, and OECD show Americans have consistently spent the smallest percentage of their personal income for food compared to other high-personal income countries, less than Canada, the UK, Germany, Japan and far below developing nations. Since 2010, Americans have spent 5 to 6% of personal income for food consumed at home, leaving more disposable income to invest and improve lifestyle.

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Tidbits

We exchange market information with Market Advisor, Kevin Duling of Maupin, Oregon, who we think is the best world wheat market fundamentalist we know.

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