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Objection from Australia in Regards to California vs. Ontario "bush-league" Comparison

Mish

Global Economic Analysis

Published : March 30th, 2010

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FOLLOW : Australia Canada Debt Deflation Gold Housing Silver Unemployment

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Category : Editorials

In response to California USA vs. Ontario Canada - Which State (Province) Is In Worse Shape? a reader from Queensland says North America is the bush-league compared to Australia.

Luke writes ....

You North Americans are simply not doing debt slavery quite right. I am obliged to point out Queensland, Australia is a clear winner. It takes extraordinary measures to truly bankrupt a state. I am proud to say we have done it.

Government Revenue for QLD is 37billion
Gross State Product QLD is 218billion
GDP of California is 1.85trillion

*Unable to obtain correct figure but by most news statements they have added 30billion to liabilities and plan to sell 15billion in Assets
+This does not include unfunded super(equivalent to 401k) obligations of approximately 20billion.

Take That Ontario.

Mish

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Mish's Global Economic Trend Analysis

Thoughts on the great inflation/deflation/stagflation debate as well as discussions on gold, silver, currencies, interest rates, and policy decisions that affect the global markets.

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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com

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