The reflections that follow are attributed to a Professor from AUTH, Greece.
Suppose you have lent 100 euros to someone with a salary of 100 euros and 500 euros to someone with a salary of 1000 euros. The first owes 100% of his/her salary while the second owes 50% of his/her salary.
By what logic would hunt the first person who cannot pay his debt and would leave the second that can afford? Why try to get 100 and not 500?
This is actually what happens with the IMF. I saw on the Internet the list of the debts of all countries of the world.
– Germany with 5 trillion deficit has a debt upto 155% of GDP
– France with 5 trillion deficit has a debt upto 188% of GDP
– USA with 13 trillion deficit has a debt upto 94% of GDP
It is apparent that it does not matter what the debt size is
So, obviously, it does not really matter what the size of the debt is, but what matters is the percentage of the gross domestic product.
After a taking a closer look at the table, a few questions arise:
Q1: How is it that while Luxembourg, England, Switzerland, Belgium, France, Denmark and Austria have a greater proportion of debt from Greece, they do not need backing, but instead come to save us?
Q2: How is it that Afghanistan, with nearly half a century continuous war has only 23% of GDP in debt, when we know that a war may only take few days to shake up the economy of a country?
Q3: How can Kuwait owe 29%, Bahrain 54% and the United Arab Emirates 56%, while being the global suppliers of oil?
Q4: How is Switzerland with 271% debt, to have a simple hospital cleaning maid (during 2000) being paid a salary of 2000 euros, which is about the same as a “high-salaried” higher-education technician gets in Greece working 25 years?
Q5: How is that Norway with 143% debt does not have a problem and does not need backing or cuts?
A real example from there: An acquaintance of mine moved to Norway two years ago. Take now what “happened” there:
a) He took a job in a restaurant kitchen as unskilled and took 2500 euros a month salary!
b) After three months on the job he said he was “mentally tired” and got 15 days leave no questions asked!
c) With tax refunds (something like the Greek allowances) went with his wife in Tibet on holidays.
d) Now he is unemployed (with the excuse he did not like where he worked!) and for two years he gets 1700 euros a month!
Q6: Why the world’s lenders are not worried about losing the 13 trillion owed by the US, the 2 trillion owed by Luxembourg, the 9 trillion owed by England etc, but worry about the 500 billion that Greece owes?
Q7: How come the entire population on earth owes 98% of their money?
Q8: Who has so much that is able to “offer” to lend so much money?
Q9: Where did they get som much money?
Q10: Why isn’t their money involved in the GDP of their country?
Eventually perhaps these figures show that the global economy is not only a huge bubble, the money being fake, printed in the depths of multinational banks only to achieve a global control?