In “One Nation Under Inflation,” I noted that “America’s debt-to-GDP ratio is larger than the European Union’s.” I was unaware that US debt “is greater than the combined debt of the entire Eurozone and the U.K.”
America’s debt is currently $15.1 trillion, while the Eurozone (which includes France, Germany, Greece, Italy, Spain, the U.K., and others) has a combined debt of $12.7 trillion. (All dollar amounts are in U.S. dollars, and the data refers to closing 2011 numbers.)
The Eurozone is larger than the United States, so America’s debt per capita also exceeds the Eurozone’s. According to the Census Bureau, the U.S. has a population of 313 million, whereas the Eurozone has a population in excess of 331 million.
Nary a mentioned was made of this apparently minor fact on Fox Business, while the Fox Business anchors discussed Christine Lagarde’s demands for more billions in bailouts from the US to the EU. “More firepower” is how the managing director of the International Monetary Fund described her agency’s requirements.
It’s Lagarde’s prerogative to ask for money to increase her bureaucracy’s sphere of influence. It’s the obligation of the ass with ears who leads the USA to turn her down.
So, it’s not Lagarde’s asking that ought to worry; it’s the fact that, according to Fox News, she expressed confidence that the US would do the “right” thing by her.