Oxfam activists wear masks representing G20 leaders (L-R) South African President Jacob Zuma, French President Francois Hollande, Indian Prime Minister Manmohan Singh, and U.S. President Barack Obama sitting at a dinner table along a shore in Los Cabos June 17, 2012.
Image by: ANDRES STAPFF / REUTERS
Can someone explain please ?
Euro-zone Crisis
India pledges $ 10 Bn
China pledges $ 43 Bn
US pledges $ 0
To put it in some perspective, $ 10 bn = Rs 56,700 Crores which is roughly the amount earmarked by former Fin Min P Chidambaram in his budget of 2008, for loan waiver for farmers.There was a huge debate on the issue of bailng out our own farmers, whereas there was none whatsoever on bail out of Eurozone.
It is 103 % of GDP. refer to http://www.usdebtclock.org/
China's debt 5% of GDP
India's debt 22% of GDP
data from wikipedia
Copyright for cartoon © 2009 Creators Syndicate
Yet dollar is appreciating aginst rupee and yuan.
Why is India and China competing to provide subsidies to America and Europe ?
And what does US do with its dollars ie borrowed dollars? Fight wars all over the globe, Provide social security and health cover to its citizens and provide heavy subsidies to its farmers to beat down the price of agricultural products from the third world.
A man working in a cotton factory in Mumbai, India. US subsidies of $24bn to its cotton farmers have driven down world prices and damaged livelihoods of developing world cotton producers. Photograph: Danish Siddiqui/Reuters
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