MercoPress. South Atlantic News Agency
IMF warns “lower growth” becoming a relevant challenge over the medium term
The International Monetary Fund warned in a communiqué that while economic growth in developed countries had strengthened, some emerging nations were being hit by weaker commodity prices and exports. Read full article
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Disclaimer & comment rulesA statement of the bleeding obvious.
Apr 20th, 2015 - 11:05 am - Link - Report abuse 0What would we do without the IMF and the crooked Frogess who chairs it?
Did you hear about the former IMF director who was (briefly of course) detained Thursday?
Apr 20th, 2015 - 07:28 pm - Link - Report abuse 0They are going to build a special prison to hold Rodrigo Rato, Dominique Strauss-Kahn and any other former IMF official who might follow.
”Rodrigo Rato, the former minister and IMF managing director who was briefly placed under arrest last Thursday, is reported to have amassed a personal fortune of at least €27 million (£19.5 million), including dozens of companies and a 44 per cent share of a luxury hotel in Berlin.”
http://www.telegraph.co.uk/news/worldnews/europe/spain/11548742/Former-IMF-boss-Rodrigo-Rato-accused-of-concealing-27-million-euro-fortune.html
And those where the people who dictated the terms South America and the majority of the “third world” still suffers from...
Apr 21st, 2015 - 09:36 am - Link - Report abuse 0Never dictated terms to my country..... must have something to do with governance.
Apr 21st, 2015 - 10:33 am - Link - Report abuse 0But of course, USA and Europe governs, while the “third world” pays...
Apr 21st, 2015 - 12:11 pm - Link - Report abuse 0Easily fixed!
Apr 21st, 2015 - 10:12 pm - Link - Report abuse 0Don't be part of the third world. It worked for us.
Considering Argentina was once equal to Australia and chose not be become like us today, then countries must be able to choose their own path.
We obviously chose correctly.
If you choose the path to being oppressed by a system then don't complain. Accept the place you chose.
There's plenty of examples of countries choosing to be developed. Perhaps you should follow their example.
Look at the amount of cash Australia has borrowed. Give Argentina the same amount and then we compare.
Apr 22nd, 2015 - 12:32 am - Link - Report abuse 0Australia is the biggest net international debitor, for fook sake...
And your point is?
Apr 22nd, 2015 - 02:02 am - Link - Report abuse 0That we pay it back perhaps?
Yes that also helps you become a developed country.
Argentina has defaulted and gone broke how many times now? And how many times has Australia? I can tell the answer is NEVER!
If individuals and companies wish to borrow money international, then that is their choice. Doesn't mean my government has to pay it back.
Our public debt as a % of GDP is LOWER than Argentina's right NOW! Indeed, except for Chile I think it is lower than any country in South America.
So we must have gotten rich in a different manner then than borrowing like South America does.
Hmmmm
That Australia only is successful at borrowing.
Apr 22nd, 2015 - 06:09 am - Link - Report abuse 0All Australia has is a massive IOU paperbill, that you confuse for wealth....
And yet we've never defaulted?
Apr 22nd, 2015 - 07:27 am - Link - Report abuse 0So let me get this right!
Australia has borrowed money.
It has made us wealthy.
And we always pay this borrowed money back.
Argentiba has borrowed money.
It has not made it wealthy.
It doesn't always pay this borrowed money back.
So the only difference between Australia and Argentina is that we pay back what we borrow?
And that this has made us seemingly wealthy while Argentina is actually poor?
No, you haven't. You still owe the money, and you borrow more every years to cover the rents.
Apr 22nd, 2015 - 07:50 am - Link - Report abuse 0Only reason you haven't defaulted, is because you stand on the right side of the shore.
You better hope there wont be a shift in power, or that the creditors don't start wanting their cash back, for X, Y or Z reason...
So we do pay it all back..... so far?
Apr 22nd, 2015 - 08:35 am - Link - Report abuse 0And we should be worried about our creditors doing what exactly? Wanting all their cash back?
Their loans that are predominantly denominated in Australian dollars?
But we've never defaulted because we pay it back according to contract? Because we are on the right side of the SHORE or the LAW?
Because logically, the only reason we haven't defaulted is because we PAY! Default denotes non payment. Nothing else. I'm unsure about your education but that is a given in any contract.
So should we be expecting our creditors to break the contract and call it in early?
Sure seems like a lot has to go wrong for this to happen! It's a wonder Argentina has defaulted so many times when it is the difficult.
A growing debt is not a sign of a debt being pair off. I am positive this is the case in Australia as well. Having to borrow more money in order to cover the old debt, is not a sign of a healthy economy, it's a sign of lucrative deals.
Apr 22nd, 2015 - 09:24 am - Link - Report abuse 0Deals valid only as long as the provider can provide.
You better focus on that US dollar too, your own currency wont save you...
Aaah I think I finally got.
Apr 22nd, 2015 - 11:32 am - Link - Report abuse 0So we continue to pay off but will never ever pay it back?
So it isn't that we don't produce wealth (because we obviously do produce it in copious amounts to always be paying back the interest on these loans) but we owe more than we own so we'll never pay it back but just continue to borrow (and pay interest) .
So Australia is asset free. We down own anything? Nothing at all?
Why do people trust is to lend us money? It doesn't sound very logical or profitable.
So our government bond yield is lower than every Latin American and BRICS country but we're the one in danger of being unable to pay it back?
I'm still slightly confused. So the same companies and governments just keep borrowing money and never paying it off.
No one has ever paid off their debt?
Seems like a strange system. Totally unsustainable.
No one has ever paid Trillions back in debt. Latam debts, the one you lot speak of so fondly, never mounted those amounts you guys are dealing with.
Apr 22nd, 2015 - 11:40 am - Link - Report abuse 0And if you think continuing borrowing is sustainable, just wait until the provider thinks differently...
And who is buying Aussie bonds, ever checked it out..?
I don't doubt Latam debt has ever amounted to trillions because Latin America has only ever produced 2 economies that can be measured in trillions.
Apr 22nd, 2015 - 12:26 pm - Link - Report abuse 0Here's a math quiz!
If Brazil's GDP is US$2.24 trillion and its government debt is 56.8% of that, does it therefore not have a debt in the trillions?
Hmmmmmm
But yes I guess if the provider of Australia's credit starts to think differently....... well then they will think differently.
Unsure what is supposed to happen. Can you give an example of where this has happened before?
Or will Australia be unique and the first country this scenario will happen to?
Who is buying our bonds?
Well that got me looking. Because now I'm living in fear that the whole house of cards for my country is about to fall down any day now.
But then I discovered something amazing.
Our debt isn't in the trillions. Indeed it's smaller than GDP. So we owe LESS than what we produce in a single year.
Our NET debt is A$925 billion. Net because if we are borrowing from someone, then perhaps we are also lending to someone as well.
And we are!
So our NET debt is A$925 billion.
And our GDP is A$1,558 billion.
http://www.abs.gov.au/ausstats/abs@.nsf/mf/1345.0
So that's 59%. Which is pretty much how much JUST the Brazilian government owes without even looking at the private sector.
So who owns our bonds? A$226 billion of the figure above?
Well seems to be broken down like this:
North Asia (inc Japan, China and South Korea): 3.6%
Rest of Asia: 4.6%
Euro Area: 0.4%
U.S.: 0.2%
Canada: 0.8%
All other foreign countries: 12.2%
And AUSTRALIA?
67.5%
So not only do Australians, such as myself, own most of my government's debt..... but my country produces enough wealth by August 3rd every year to cover what we owe.
Whew. I thought you might actually know what you were talking about there for a while Stevie.
So glad you kept replying.
Skip, you nutter :)
Apr 22nd, 2015 - 12:51 pm - Link - Report abuse 0What debt are you looking at??
Hahahahaha
Here is your total debt:
http://www.australiandebtclock.com.au
That debt can be divided foreign debt and national debt.
The national debt is often held by bank, pension fonds, domestic companies and private persons.
Those are also the ones to benefit from a repayment.
This is a worldwide issue and is most commonly treated with inflation. Simply put, they print more paperbills.
The foreign debt though, can't be dealt with in such manner, as the loan is in hard currency and not in Aus dollars.
That is why Japan can keep printing, their debt is mainly owned by japanese creditors.
Now, with this background info provided, I ask you again;
Who holds the Australian foreign debt?
p://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1415/Quick_Guides/AustForeignDebt
Oh Stevie
Apr 22nd, 2015 - 10:30 pm - Link - Report abuse 0The Australian Debt Clock!
Aren't you just the cutest little thing sometimes.
Again thanks for continually replying and allowing me to get my message out.
I really appreciate it.
Yes, Skip. Backed up by the NIIP rate.
Apr 23rd, 2015 - 01:33 am - Link - Report abuse 0Australia is the worlds biggest net debitor.
And you still refuse to tell me who holds your foreign debt...
Skip you're wasting your time on guzz. Wasn't it Norway?
Apr 23rd, 2015 - 11:41 pm - Link - Report abuse 0Wherever you want it to be, Poppy...
Apr 24th, 2015 - 07:15 am - Link - Report abuse 0truth stevicita....why does it evade you? What do you fear about location? Sussie was always after mine?
Apr 24th, 2015 - 10:59 am - Link - Report abuse 0And hence, you feel obliged to be equally enlightened?
Apr 24th, 2015 - 06:58 pm - Link - Report abuse 0Last I heard from her, she threw herself in front of a truck.
Catch, Fido!
I am curious for proof I do not live in Massachusetts.....because this will be interesting. Will the proof be Like your location....restricted top secret?
Apr 25th, 2015 - 02:41 am - Link - Report abuse 0You don't, simple as that...
Apr 25th, 2015 - 05:56 pm - Link - Report abuse 0Lololololol lololololol. Supa tupa .....and you have a vagina.
Apr 26th, 2015 - 03:54 am - Link - Report abuse 0I'm playing with it as we speak ;)
Apr 26th, 2015 - 06:08 pm - Link - Report abuse 0Commenting for this story is now closed.
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