Have the G-8 nations lost their economic power? This is exactly what James G. Neuger feels may be happening. How can this be, you ask. Aren't the G-8 nations are the wealthiest nations on earth? Yes, that is true, but it is also true that the G-8 countries also hold the the most debt.
Bank bailouts and stimulus programs will explode the G-8 nations' debt to 114% of GDP in 2014. This debt load would be triple that of emerging countries. Even some G-8 members say that the group has lost its grip in this global recession, which left them wounded and unable to carry out the grandiose programs they previously envisioned like the reduction of greenhouse gasses.
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