So these mediocre countries want ANOTHER $700 billion from Uncle Sam?? They can go bankrupt and die for all I care.
These guys are idiots really! Blamign rich countries! Hah! They wish they were the US or the UK themselves (ourselves - because I am Indian)
But having said that, I don’t think India or Brazil risk bankruptcy or needs US fund outlays to recover in the medium term. I don’t know enough about South Africa. 50+ percent of India’s GDP is based on domestic consumption but then again I am sure this consumption is fuelled by overall economic development that finds its origin in trade with the “rich countries” that these leaders are trying to demonize. Let’s bring it down to about 45% as being fuelled by pure domestic consumption. In terms of exports, farm produce and food is still a very high component Brazillian and Indian exports, I am not sure that people will stop eating because of the recession. A large part of the exports will continue to stagnate if not grow. Have you seen the share prices of McDonalds? It isn’t doing quite as badly as shares in sectors other are.