2 November 2013 – – Strategic Culture Foundation
Who is the USA in Debt to? (II)
02.11.2013 | 00:00 | Valentin KATASONOV
…Switzerland, Belgium, Great Britain, Luxembourg and Ireland each have a bundle of securities amounting to more than USD 100 billion, and each of them has external debt that far exceeds their GDP… It is one of the main indicators of Europe’s dependence on the United States. And more than that, a number of European countries are not just tributaries of America, they are still acting as tax collectors for the US in other countries. Tiny Luxembourg, for example, purchased US Treasury securities totalling almost USD 150 billion, with a GDP of less than USD 47 billion. Luxembourg is a typical tax collector. It borrows money from other countries on a colossal scale, while Luxembourg’s external debt exceeds its GDP by 46 times!.. Continue reading this...