5 ms·

Yawn. This is not a big deal. There's no China, India or Brazil in the G8 (now G7) so it doesn't exactly represent the biggest economies in the world. What t

Yawn. This is not a big deal. There's no China, India or Brazil in the G8 (now G7) so it doesn't exactly represent the biggest economies in the world. What the G7 does represent however are some of the most debt ridden countries in the world!

adventured 13y ago
China is drowning in debt and is one of the most debt ridden nations. In the last five years since the global recession, their economy has acquired more debt than any other country in world history in such a short span of time. At the rate they're accumulating debt, they're likely to become the most indebted nation, as their fake growth requires ever more credit per dollar of growth they're able to generate. They can either keep faking growth with debt, or they can crash. Both their muni debt and their corporate debt are the highest in the world on a GDP basis. The two of those together are at least $15 trillion right now (and that's if you believe their numbers, it could be far worse). Adding China would just drastically increase the amount of debt in the GX group.
- hkphooey 13y ago
  China is a creditor nation. It's not drowning in external foreign debt. Fake growth? Sure, I get it, China should behave more like responsible Western countries who report real figures all the time! Maybe you've been reading too much Gordon Chang - he's been predicting the collapse of China every year for 15 years now, and he's been wrong every time. I guess Forbes publishes his garbage because they know their audience, and some of that audience just can't bear to see China or Russia or India or Brazil or South Africa succeed.
- rett12 13y ago
  China debt(According to CIA): 31.7 US: 72.5 Japan: 214.3 Source: https://en.wikipedia.org/wiki/List_of_countries_by_public_debt https://en.wikipedia.org/wiki/List_of_countries_by_public_de...

5 ms·

Yawn. This is not a big deal. There's no China, India or Brazil in the G8 (now G7) so it doesn't exactly represent the biggest economies in the world. What t

by hkphooey 13y ago

adventured 13y ago
China is drowning in debt and is one of the most debt ridden nations. In the last five years since the global recession, their economy has acquired more debt than any other country in world history in such a short span of time. At the rate they're accumulating debt, they're likely to become the most indebted nation, as their fake growth requires ever more credit per dollar of growth they're able to generate. They can either keep faking growth with debt, or they can crash. Both their muni debt and their corporate debt are the highest in the world on a GDP basis. The two of those together are at least $15 trillion right now (and that's if you believe their numbers, it could be far worse). Adding China would just drastically increase the amount of debt in the GX group.
- hkphooey 13y ago
  China is a creditor nation. It's not drowning in external foreign debt. Fake growth? Sure, I get it, China should behave more like responsible Western countries who report real figures all the time! Maybe you've been reading too much Gordon Chang - he's been predicting the collapse of China every year for 15 years now, and he's been wrong every time. I guess Forbes publishes his garbage because they know their audience, and some of that audience just can't bear to see China or Russia or India or Brazil or South Africa succeed.
- rett12 13y ago
  China debt(According to CIA): 31.7 US: 72.5 Japan: 214.3 Source: https://en.wikipedia.org/wiki/List_of_countries_by_public_debt https://en.wikipedia.org/wiki/List_of_countries_by_public_de...