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In Defense Of A Nation

Monday, March 3, 2014

By Michael Mccune: The Rant (US Government auditor for 16 years In Cheyenne, WY. -G20 Economic Boost Will Add to National Debt Woes(( to Have Michael send you the Rant to your Email contact Him Here ((

G20 Economic Boost Will Add to National Debt Woes
Last weekend the G20 met in Australia and the result was the global economists want to raise the world's GDP by $2 trillion or just under 4%.
The G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, S. Korea, South Africa, Saudi Arabia, Turkey, the United Kingdom , the United States and the European Union. Portugal and Spain have permanent 'guest' status. But, if China was removed from the equation the G20 countries currently have more collective debt than their collective annual GDP. In other words, the biggest debtors in the world want to go further into debt by expending an extra $2 trillion  to "help the struggling global economy."
Shortly after the announcement from Australia, supported by U.S. Treasury Secretary Jack Lew, President Obama announced a new $300 billion stimulus for infrastructure rebuilding.
One of the problem's I have with the G20 scene is not everyone is equally represented. If you notice, the EU gets a fistful of votes which usually go in a bloc. If the EU is to be considered one giant economy then Germany, Italy, France and the United Kingdom should not be allowed individual votes. If those countries are considered to have independent economies, then the EU should not have a seat.
But there are some other considerations to be looked at before any faith is placed in the G20 pronouncements.
If you observe the rates of debt to GDP, almost all of the emerging economies from 20 years past when the Kyoto Treaty was agreed to which imposed environmental limitations of the growth of economic activity for developed countries, have much lower ratios than those countries who were hit by environmental concerns. Also, the United Kingdom which reneged on all outstanding national debt in 1948, should be disbarred from any vote on economic proceedings that could affect other countries until they acknowledge the debt they have hidden away in the Bank of London.
The largest volume of debt honor goes to Japan at 208% of GDP. In order to meet its share of the economic boost proposed, Japan announced it will raise its national sales tax even though the Japanese consumer has already been tightening its collective belt for more than 20 years. Italy checks in at 187% debt rate with the USA lagging in third at 110%. The largest volume of debt ($17.3 trillion) goes to the U.S. as does the largest single GDP.
South Africa had the smallest GDP at $384 billion. Saudi Arabia has the smallest debt volume at $93 billion while Russia (10%) and China (12%) battle for the lowest debt ratio.
The EU countries check in at a collective rate of 92.2% debt to GDP. But all of the EU is considered "developed" economically and were hit by Kyoto. China, Russia, S. Korea (37% debt), Mexico (42%), Turkey (44%) Argentina (40%), Australia (26%), Brazil (68%) India (66%), Indonesia (29%), Saudi Arabia (16%)and South Africa (46%) were not. So there is a distinct split among the G20 as to past performance and future predictions in the economic activity.
Kyoto was a breaking point for the welfare and benefit of the collective citizens of those countries while it was a breaking point into decimation for those it targeted.
Because it stagnated for the last six years, the U.S. is no longer the top dog in per capita GDP. Australia soared past the Americans and now leads with more than $63,000 for every individual, while the U.S. comes in at just $49,625. Canada moved into the No. 3 spot while the EU has slipped behind Japan and is in grave danger of falling under the $15,000 mark.
But the incompetent boobs running these countries, all of which fail to repay the national debts they've amassed, want to tell you and me how to increase productivity.
The one common theme in the countries that have managed to keep their national debts low--the leadership doesn't care about the citizens so has no real social programs in place. The leadership has taught their people the state knows best for them and gets away with it while not providing anything of substance. Those that are lagging have all instituted massive welfare programs for the citizens and are thus beggaring them all.
The G20 vote sounds laudable but it lacks little substance and will have less impact. n a tech-dominated world, where a company with just 55 employees can be sold for $19 billion, governments will have to adapt in ways not imagined by any economics instructor. Former Clinton Labor Secretary Robert Reich, now at Stanford, publicly decried the decline in "jobs" and pushed for more active involvement of the government to create jobs.
But that "solution" is what has caused the massive debts already in place. The better course, but most indigestible to politicians, is to get the government out of the picture and let a free economy find its own level.
Then again, if governments had followed the better course they wouldn't be in the position of massive debt in the first place. Fools don't learn from their mistakes. Then again, it isn't their wealth they are expending, it is the wealth of the citizens of those countries that they are indebting.
"I have sworn on the altar of God eternal hostility to every form of tyranny over the mind of man."--Thomas Jefferson
Facts for today's Rant came from the data on the stated countries in the records of the International Monetary Fund, a report by the ECB on the debt crisis as of July 2013 in the EU and a review of the Kyoto Treaty terms as presented in Wikipedia.      

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