First class article explaining the roots of current economic crises

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
21/04/2009 14:56

http://www.globalresearch.ca/index.php?context=va&aid=12283

ismet

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
21/04/2009 15:39

Ismet, the statement by Michael Saunders from CitiGroup who calculated the British‘external debt’, which is what the country owes the rest of the world, say it all.

Our external debt is 400% of GDP, the highest in the G7 by some margin. The next down, France, is 176%. America is just 100%. Japan is about half America.(36)

Furthermore what was interesting was in his conclusions: Through the current crisis we will witness the rebalancing of world economic growth further away from the USA (and UK) towards the emerging economies of Asia and elsewhere, especially China. The depth and severity of the current crisis are likely to signal major global political economy changes that will result in such a major geopolitical shift. It is clear that the direction of globalization has already changed.

It reminded me of one of Nostradamus's visions of 'The Yellow man ruling the World'.....

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
21/04/2009 15:52

Excellent link by the way Ismet.