[thriftwy]

Nominal GDP is a good indicator of quality of consumption whereas GDP PPP is a better indicator for potential of production. If the US worker is used to a home with a lawn, he will still be undercut by a Chinese worker who lives in a 25-storey apartment.

In case of adverse currency move, EU, Russia and China may still produce as much stuff (taken together they produce all of the components, whose effective price unchanged), but their US competitors are all undercut on price. They'll consume a bit less for the duration, though.