Who said anything about the global market? Labor is the single biggest cost to the US military and the gap between What a US private earns and what a Chinese private earns is enormous. This is true of all Chinese labor; weapons and kit manufactured in country are all cheaper for them than imports. And the cost of US weapons are hugely inflated: in the US, the most important consideration in defense appropriations has long been steering the most jobs possible to the most congressional districts possible efficiency be damned.
The yuan doesn’t buy $8 worth of commodity or labor on the global market. Crazy that anyone would believe this.
Who said anything about the global market? Labor is the single biggest cost to the US military and the gap between What a US private earns and what a Chinese private earns is enormous. This is true of all Chinese labor; weapons and kit manufactured in country are all cheaper for them than imports. And the cost of US weapons are hugely inflated: in the US, the most important consideration in defense appropriations has long been steering the most jobs possible to the most congressional districts possible efficiency be damned.
If you are considering that then you would have to divide it to be per capita as well