Tuesday, October 4, 2011

PIIGS needs to be changed to PIIGSUC

Everybody is now familiar with the acronym PIIGS, which stands for Portugal, Ireland, Italy, Greece and Spain.

According to the IMF (source), the U.S. has a higher debt to GDP ratio than Spain and close to Ireland.  Canada has a higher debt to GDP ratio than Spain.

Therefore, PIIGS needs to be changed to PIIGSUC, to include the U.S. and Canada.

These countries have been borrowing, running deficits and debts since the mid 1960's (essentially stealing money from children) to create and fuel fake economies and fake wealth.  When the fuel (debt) runs out, the fake economies stop growing.

The U.S., Japan, Germany, UK, France, Italy and Canada and Germany are part of the G7, because they are supposedly the richest countries.  This is a joke because most of them have huge debts, fake economies and fake wealth.

Most people think that we live in rich countries.  We do not.  The European and American economies are struggling, even though they are still fuelling their economies with borrowing, spending, deficits and debts.  They are becoming poorer because they are hitting a limit on the growth rate of the borrowing.  As an example, these countries are trying to slow the growth of the deficits or to reduce them, by implementing austerity.  However, as long as there are deficits, that means that they are still increasing their debts.

We would be very poor, in fact likely go into a depression, if we had to pay back our any of our debts.  Hence, we do not.  We kick the can to the next generation and let them become even poorer.

Read more:
Fake Wealth 
Fake Economy 
Bubbles - Extreme Maker and Breaker of Wealth 
Democracy: Cause of Debt Problems


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