This from Bloomberg and read it closely: “Debt Burden Quickens Power Shift as G-8 Loses Clout (Update2)
By Daniel at 7 July, 2009, 2:30 pm
By James G. Neuger
July 7 (Bloomberg) — The world’s most affluent nations will take decades to work off the biggest buildup in debt since World War II. The political costs may be permanent, laid bare at this week’s Group of Eight summit of leading industrial powers.
Bank bailouts and recession-fighting measures will explode the debt of the advanced economies to at least 114 percent of gross domestic product in 2014, more than triple the 35 percent of the main emerging economies including China, the International Monetary Fund forecasts.
The run-up in debt has hastened a power shift that is sapping the industrial world’s authority to impose its economic doctrine, currency arrangements or greenhouse-gas reduction strategies. Even some G-8 officials acknowledge that the group has lost its grip amid the global recession they spawned. ”
Note the country that is referred to as accumulating power and not having a debt burden, along with other “emerging” economies - YOU DOLTS, THEY ARE THE ONE’S THAT MAKE PRODUCTS!!!
We have exported our economy through almost two decades now of massive trade deficits, and shifted over to a “service economy” - which means we make endless phony transactions to build wealth out of nothing! Only real hard products build long term tangible wealth - we USED TO KNOW THAT!!
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