Pick the communist deadbeats

Debt to GDP ratio: America: 107%. Great Britain: 80.70%. Australia: 45.10%. Russia: 12.20%.
Larry Elliott: Russia is winning the economic war and Putin is no closer to withdrawing troops.
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14 Responses to Pick the communist deadbeats

  1. Petros says:

    And yet we keep getting good credit ratings.

  2. Buccaneer says:

    Ironically, the Hiden admin now has a clear choice, abandon Ukraine and let Putin win or free up the oil and gas reserves in the US. One might have thought the latter was an easy choice as it’s short term “pain”, but it’s clear that’s not how they are thinking.

    Lose to Russia now and they will have an enemy emboldened by fighting against many of the west’s latest weapons and stronger economically than at any point in it’s history.

  3. Not Trampis says:

    russia is winning despite having a depression and inflation into quite easily double digits.

    you can buy some Russian bonds but few people like them for good reason.

  4. C.L. says:

    Meanwhile, as Australians are reduced to stealing lettuce leaves, King Albo I embarks on his second overseas tour – soon to be followed by his third.

    Albo hates Australia.

  5. C.L. says:

    Elsewhere:

    Is America the Real Victim of Anti-Russia Sanctions?

    Seldom has the West so grossly misjudged an economy’s global significance. French economist Jacques Sapir, a renowned specialist of the Russian economy who teaches at the Moscow and Paris schools of economics, explained recently that the war in Ukraine has “made us realize that the Russian economy is considerably more important than what we thought.” For Sapir, one big reason for this miscalculation is exchange rates. If you compare Russia’s gross domestic product (GDP) by simply converting it from rubles into U.S. dollars, you indeed get an economy the size of Spain’s. But such a comparison makes no sense without adjusting for purchasing power parity (PPP), which accounts for productivity and standards of living, and thus per capita welfare and resource use. Indeed, PPP is the measure favored by most international institutions, from the IMF to the OECD. And when you measure Russia’s GDP based on PPP, it’s clear that Russia’s economy is actually more like the size of Germany’s, about $4.4 trillion for Russia versus $4.6 trillion for Germany. From the size of a small and somewhat ailing European economy to the biggest economy in Europe and one of the largest in the world—not a negligible difference.

    Sapir also encourages us to ask, “What is the share of the service sector versus the share of the commodities and industrial sector?” To him, the service sector today is grossly overvalued compared with the industrial sector and commodities like oil, gas, copper, and agricultural products. If we reduce the proportional importance of services in the global economy, Sapir says that “Russia’s economy is vastly larger than that of Germany and represents probably 5% or 6% of the world economy,” more like Japan than Spain.

  6. Roger W says:

    Making things – always was the old-fashioned way to prosperity.
    I suspect you should really value the service sector hardly at all.

  7. Petros says:

    Using PPP seems to be a much more intelligent and honest way of gauging a country’s economy. I defer, however, to the economists amongst us.

  8. NoFixedAddress says:

    C.L.

    I’ll play your game…

    The obvious deadbeat communist country is Australia at only 45.10% but I’m sure Emperor Albo will rectify that shameful lag behind communist Great Britain, as soon as possible.

    Although, it would be interesting to compare the debt to GDP ratio of the various Australian State and territory fiefdoms.

    Does Russia still qualify as communist?

  9. Chris M says:

    Australians are reduced to stealing lettuce leaves

    Media beatup CL.

    The shops always discard the outer leaves, generally before they are put on display though. People eg with pets have always been given the outer leaves free as the shop chucks them anyway. That said the people in this article grabbing large amounts of the leaves didn’t appear very Australian and the quantity suggests they weren’t feeding a Guinea pig. Same type that inspect the recycle bins on the street.

  10. Chris M says:

    The obvious deadbeat communist country is Australia at only 45.10%

    Can someone confirm this is correct? I understood govt debt to be over $A1 trillion so GDP is now over $2.3t?

  11. NoFixedAddress says:

    Chris M says:
    7 June, 2022 at 12:24 pm

    The obvious deadbeat communist country is Australia at only 45.10%

    Can someone confirm this is correct? I understood govt debt to be over $A1 trillion so GDP is now over $2.3t?

    Our GDP is a product of MMB (Modern Monetary Bullshit) based on Services so we can make it whatever you want.

    Just ask the RBA.

  12. C.L. says:

    Media beatup CL.

    Lettuce not rush to judgement, Chris.

  13. Shy Ted says:

    Russians will soon be ordering mail order brides from Oz.

  14. Chris M says:

    Lettuce not rush to judgement, Chris.

    Shredded my argument, I’ll go dress my wounds.

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