Friday, August 7, 2009
BRIC Nations Gain and American Debt
The emerging BRIC Nations are continuing to build up steam as they further prove their future economic dominance. Their reserves now make up 43% of the world's total. It is estimated that these countries will expand 1.3% this year and 4.5% next year. Meanwhile the States continue to pile on debt. The country's debt currently makes up 79% of their GDP. California is currently dealing with upwards of $60 billion worth of debt, that they are slowly selling off in the form of IOUs.