If National debt as a percentage of GDP is a reasonable marker of how an economy is doing, then 2 things are pretty clear from the interactive graph below.
1.Most ‘developed’ economies are set on a path of virtual bankruptcy.
2. The Chilean economy, on a par with China, is set for a good 5 years of prosperity.
Hmmm, reminds me of 2009, when then Chilean President, Michelle Bachelet was accused of making a social faux pas when, as the Telegraph report, she told Prime Minister Gordon Brown the Chilean economy was in good shape “because of our decision during the good times to save some of the money for the bad times.” Well, this seemed to resonate with David Cameron’s similar remark that Brown failed to “fix the roof while the sun was shining”. With the benefit of 20/20 hindsight, Bachelet’s comments seem more like prophecy than faux pas; or perhaps just common sense. To paraphrase the great economic guru Ron Paul, ‘you can’t borrow your way out of debt!”.