Thai investors told to brace for foreign capital outflows

[NeverSure]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

So that is why US has no serious alternative energy plans. But won't the US have to give the oil to China to feed their enormous debt. I see a spender country and not a thriving self sustained entity. Seems like some ones in denial.

Alternative energy plans came into vogue when the term "peak oil" did. "Oh, we're running out of oil so..." But the world keeps finding oil faster than it can use it. The US' largest supplier of oil is Canada. Second is Brazil. This is all "new" oil. Some would have guessed it was the Middle East, right? We don't need them any more, and the sooner we stop buying from them the better.

It is Western Europe which needs the Middle East, or they need Russia.

"Alternative energy" isn't ready for prime time. None of it pays for itself and must be subsidized by governments. On the other hand, oil is a big money maker. It creates jobs which pay taxes and can help lift a country.

China? This article OP talks about outflows of capital from Thailand. Is the capital going to China or to the US? China is dead broke and up to its eyeballs in debt. Read the China thread in the World News Section here and pay particular attention to Publicus' postings. He has China's number, and that number is bad one.

Edit. Oh, About that debt of the US that China holds, as does Thailand and most other countries. The Dollar is the international unit of trade, and to trade one must have dollars. China happens to hold its dollars in government bonds. Neither Thailand nor China can sell their bonds.

What would Thailand or China trade with if they didn't have dollars? Cowry shells haha?

Edited October 18, 2013 by NeverSure

[chiang mai]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

So that is why US has no serious alternative energy plans. But won't the US have to give the oil to China to feed their enormous debt. I see a spender country and not a thriving self sustained entity. Seems like some ones in denial.

What would Thailand or China trade with if they didn't have dollars? Cowry shells haha?

Yuan, a currency that's appreciating in value, not one that is falling.

[robertson468]

Well, if foreign capital outflows does occur that usually results in a depreciation of the baht which would generally be a good thing for most expats since their source of income is in foreign currencies. But when it comes to exchange rates nothing is predictable....seems the reverse of the expected happens all too often. That's why I'm not brave enough (or smart enough) to get involved with FX trading.

It is also why the currency markets are currently being investigated with a view to price fixing between the BIG BOYS.

[lovetotravel]

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

So that is why US has no serious alternative energy plans. But won't the US have to give the oil to China to feed their enormous debt. I see a spender country and not a thriving self sustained entity. Seems like some ones in denial.

What would Thailand or China trade with if they didn't have dollars? Cowry shells haha?

Yuan, a currency that's appreciating in value, not one that is falling.

A very small appreciation. And a currency that you can't use in most places around the world.

[chiang mai]

So that is why US has no serious alternative energy plans. But won't the US have to give the oil to China to feed their enormous debt. I see a spender country and not a thriving self sustained entity. Seems like some ones in denial.

What would Thailand or China trade with if they didn't have dollars? Cowry shells haha?

Yuan, a currency that's appreciating in value, not one that is falling.

a currency that you can't use in most places around the world.

Today! But already Thailand for example has a swap line in place whereby trade can be done in something other than USD.

[craigt3365]

What would Thailand or China trade with if they didn't have dollars? Cowry shells haha?

Yuan, a currency that's appreciating in value, not one that is falling.

a currency that you can't use in most places around the world.

Today! But already Thailand for example has a swap line in place whereby trade can be done in something other than USD.

Understood, but in our lifetime, the Yuan won't be the global currency. Maybe in your children's though?

[chiang mai]

A very hypothetical debate of course, but, what if:

...the US had defaulted and the value of USD plumeted, becomes effectively worthless, what then? One of the possible answers is that several currencies would be used for trade purpose, RMB, EUR, YEN and others, each used on a regional basis and values maintained/adjusted between regions, perhaps not that far off into the future as we might think or want..

[midas]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

" Also, the US has an economic engine like no other country, "

But which would immediately fall into a coma if it didn't get its heroine fix of $85 billion per month

That's totally ignorant. You don't seem to be able to separate the private sector from the government sector. The private sector creates wealth, but a government does little but consume that wealth.

American corporations - the economic engine - are awash in cash. It's governments that can't seem to control their spending, and that's all Western countries.

You think I am ignorant, and I think you are like the frog in boiling water, who is simply unable to look at your country objectively.

American corporations don't operate in a bubble and the US infrastructure is old and deteriorating . And your society would quickly descend into anarchy at the drop of a hat. You just saw that again last week when the food stamp program went off-line for just one day, parts of USA rapidly deteriorated into lawlessness and we see the same kind of pattern whenever there is a natural disaster such as the two hurricanes.

Harldy the sign of an economic engine ?

[dunque]

@ Never Sure.

You are calling other posters here for ignorant.

So let me teach you something new!

There is a difference between oilreserves and oilresources.

Oilreserves are oil, that can be recovered ecomically with existing technology.

Saudi Arabia has ten times more oilreserves than the US.

Oilresources are the total amount of oil in place, most of which typically can't be recovered. (to expensive)

Us have more oilresources than Saudi.

As for kerogen, shaleoil and tight oil, unless you want to back the the good old coaldays of Eastern Europe, don't even think about it. Very dirty energy.

If the private sector is doing so extremely well in the US (I do not doubt you), there must something seriously wrong with the fiscal policy.

I am sure, that Japan wouldn't mind getting their 1.1 trillion$ owed by the US back.

Some interesting reading about oil here:www.theoildrum.com/node/9085

This is a report of the US General Accounting Office reporting to Congress about just 3 places on land in the US. It doesn't address other land areas including oil-rich Alaska, or anything offshore. The numbers of recoverable oil for the US are astounding, and they just keep growing with additional discoveries.

It is actually possible, given the areas excluded from this report, that the US has more than 3x as much oil as the rest of the world combined!!

If you want to dig deeper, just look into how US oil production is increasing and how fast.

-----------------

GAO: Recoverable Oil in Colorado, Utah, Wyoming 'About Equal to Entire World’s Proven Oil Reserves'

May 11, 2012 - 5:25 PM

Wyoming

Rock Springs, Wyo. (BLM Photo)

(CNSNews.com) - "The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.

The GAO testimony said that the federal government was in “a unique position to influence the development of oil shale” because the Green River deposits were mostly beneath federal land."

Link

awfully sorry - your information may be unreliable/misleading

[A1Str8]

The farang again! Now they make the capital outflow. Despicable.

[how241]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

+1....Sounds right to me.

[NeverSure]

This is a report of the US General Accounting Office reporting to Congress about just 3 places on land in the US. It doesn't address other land areas including oil-rich Alaska, or anything offshore. The numbers of recoverable oil for the US are astounding, and they just keep growing with additional discoveries.

It is actually possible, given the areas excluded from this report, that the US has more than 3x as much oil as the rest of the world combined!!

If you want to dig deeper, just look into how US oil production is increasing and how fast.

-----------------

GAO: Recoverable Oil in Colorado, Utah, Wyoming 'About Equal to Entire World’s Proven Oil Reserves'

May 11, 2012 - 5:25 PM

Wyoming

Rock Springs, Wyo. (BLM Photo)

(CNSNews.com) - "The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.

The GAO testimony said that the federal government was in “a unique position to influence the development of oil shale” because the Green River deposits were mostly beneath federal land."

Link

awfully sorry - your information may be unreliable/misleading

Please don't quote that shit. That's someone's opinion on Wikipedia, and I can go in there right now and edit that and change it myself.

The US' oil production is expanding fast, and it's all on private land without touching the government's land where most of the oil is. N. Dakota and Texas are booming with shale oil production.

Canada is the US' #1 oil supplier (after the US itself) and Canada is getting that oil from the same shale that the US has. It's right over the border.

So while the crybabies say it can't be done, the doers are doing it.

You said "awfully sorry." Well, you should be.

[buddy]

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

...then the blackmail by the Arab oil producing nations will hopefully stop.

Tell em to ram it!

[Naam]

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

...then the blackmail by the Arab oil producing nations will hopefully stop.

Tell em to ram it!

i hate to spoil interesting fairy tales with facts but there's a teenie weenie hurdle before one can tell other oil producers to "ram" it. by the way, them blackmailing Ayrabs are a minority as far as production is concerned.

the hurdle is the difference in production cost for fracking shale and for pumping and the pumping producers have the advantage of a huge cost break-even margin that can and will be used should competition be too strong.

logical conclusion: the U.S. will never export a single barrel of crude unless it is so heavily subsidised that it hurts.

[KittenKong]

The richest country in the world is not US. My country Norway is far richer per captiva

Why do people take just one number and think it comprises a whole set of books?

Your GDP per capita is higher. But how much are your taxes? How much do consumer goods cost? In the US, both are cheap. Americans, after taxes, with very low prices, can afford to buy more than people in European countries. Period.

The US is not the richest country in the world? No, it just has twice the GDP of whoever is in second place. It rules new technology. It has more usable land and salt water shoreline than any other country in the world. It has more natural resources than any other country in the world. It has the world's third largest population.

It has more oil and gas reserves than all of the rest of the world combined.

Now, where did you say Norway is, anyway?

Taxes and prices are not important in this calculation. Besides which the importance of GDP pales into insignificance when you realise that the US has a debt mountain that it will probably never repay yet Norway has a sovereign wealth fund with a very healthy positive balance.

Norway has managed its economy and natural resources very well and is in a very strong position for the future. The US cant even manage to keep its own parks and monuments open from one week to another and is heading into a pit of debt from which it will probably never emerge (though of course it wont be the only country in there).

The resources that the US has have to be shared with the world's third largest population as you say, but Norway only has a tiny number of people to share its wealth (in comparison). And of course of that third largest population in the US a greater proportion are in jail than in any other country in the world.

If I had to choose I would much rather be Norwegian than American.

[indyuk]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

That I Imagine farther depends on whether there is risk of any USA defaults in the new year.

[up-country_sinclair]

@ Never Sure.

You are calling other posters here for ignorant.

So let me teach you something new!

There is a difference between oilreserves and oilresources.

Oilreserves are oil, that can be recovered ecomically with existing technology.

Saudi Arabia has ten times more oilreserves than the US.

Oilresources are the total amount of oil in place, most of which typically can't be recovered. (to expensive)

Us have more oilresources than Saudi.

As for kerogen, shaleoil and tight oil, unless you want to back the the good old coaldays of Eastern Europe, don't even think about it. Very dirty energy.

If the private sector is doing so extremely well in the US (I do not doubt you), there must something seriously wrong with the fiscal policy.

I am sure, that Japan wouldn't mind getting their 1.1 trillion$ owed by the US back.

Some interesting reading about oil here:www.theoildrum.com/node/9085

The $1.1 trillion is Japan's investment in US debt. They did this investment willingly and don't have to continue if they don't want to. But obviously, they do. What are the "safe" alternatives?

Thai government debt?

Would this be a prudent time to invest in Thai government bonds?

[indyuk]

@ Never Sure.

You are calling other posters here for ignorant.

So let me teach you something new!

There is a difference between oilreserves and oilresources.

Oilreserves are oil, that can be recovered ecomically with existing technology.

Saudi Arabia has ten times more oilreserves than the US.

Oilresources are the total amount of oil in place, most of which typically can't be recovered. (to expensive)

Us have more oilresources than Saudi.

As for kerogen, shaleoil and tight oil, unless you want to back the the good old coaldays of Eastern Europe, don't even think about it. Very dirty energy.

If the private sector is doing so extremely well in the US (I do not doubt you), there must something seriously wrong with the fiscal policy.

I am sure, that Japan wouldn't mind getting their 1.1 trillion$ owed by the US back.

Some interesting reading about oil here:www.theoildrum.com/node/9085

This is a report of the US General Accounting Office reporting to Congress about just 3 places on land in the US. It doesn't address other land areas including oil-rich Alaska, or anything offshore. The numbers of recoverable oil for the US are astounding, and they just keep growing with additional discoveries.

It is actually possible, given the areas excluded from this report, that the US has more than 3x as much oil as the rest of the world combined!!

If you want to dig deeper, just look into how US oil production is increasing and how fast.

-----------------

GAO: Recoverable Oil in Colorado, Utah, Wyoming 'About Equal to Entire Worlds Proven Oil Reserves'

May 11, 2012 - 5:25 PM

Wyoming

Rock Springs, Wyo. (BLM Photo)

(CNSNews.com) - "The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the worlds proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.

The GAO testimony said that the federal government was in a unique position to influence the development of oil shale because the Green River deposits were mostly beneath federal land."

Link

You overlook the fact that much of the new production is coming from shale Gas & oil deposits.

We have long known about shale oil in the USA. Always a No No because of complexity of production and uncertainty of the limits of producible horizons, frac-failures and reservoir structural damage.

All of these lost my former Boss Roger Loper, President of Chevron Shale Oil (CSO), lost his job when Chevron put CSO into liquidation back in the 1980's.

Shale oil projects are risk ridden, the oil usually dirty and sandy, expensive to process and difficult to transport and market.

Yes I know time has moved on and fracking systems have improved. However the 'Risks' remain.

Yep at 73 I'm over the hill too, but I still remember the pain of shale oil!

Edited October 19, 2013 by indyuk

[Time Traveller]

In other words, there's about to be a surge of foreign inflows of funds into Thailand. These government cronies are totally clueless at what they are meant to be experts in.

[John Egil]

The richest country in the world is not US. My country Norway is far richer per captiva

http://www.clicktop10.com/2013/05/top-10-richest-countries-in-the-world-in-2013/

Why do people take just one number and think it comprises a whole set of books?

Your GDP per capita is higher. But how much are your taxes? How much do consumer goods cost? In the US, both are cheap. Americans, after taxes, with very low prices, can afford to buy more than people in European countries. Period.

The US is not the richest country in the world? No, it just has twice the GDP of whoever is in second place. It rules new technology. It has more usable land and salt water shoreline than any other country in the world. It has more natural resources than any other country in the world. It has the world's third largest population.

It has more oil and gas reserves than all of the rest of the world combined.

Now, where did you say Norway is, anyway?

We pay an average of 25 % tax . Education is free . Healtcare is free . Food is cheaper in the US ( been there several times) Electronics are the same price as in US .I can also inform you that the average gross salary in Norway is 470.000NOK. Which equals €64.000/$82.000. In comparison the average salary in USA is $46.000. And it is a safe place to live . http://www.prosperity.com/Ranking.aspx#

And the whereabouts of Norway, well here is a link :http://www.youtube.com/watch?v=sm8o61Go964&list=PL76FD7DD7E20EE85B

[Naam]

We pay an average of 25 % tax . Education is free . Healtcare is free . Food is cheaper in the US ( been there several times) Electronics are the same price as in US .I can also inform you that the average gross salary in Norway is 470.000NOK. Which equals €64.000/$82.000. In comparison the average salary in USA is $46.000. And it is a safe place to live . http://www.prosperity.com/Ranking.aspx#

And the whereabouts of Norway, well here is a link :http://www.youtube.com/watch?v=sm8o61Go964&list=PL76FD7DD7E20EE85B

here's another link on Norway taxes:

max income tax rate 47.8%

sales tax.......... 25.0%

social insurance tax 7.8%

http://en.wikipedia.org/wiki/Taxation_in_Norway

[falang07]

 

logical conclusion: the U.S. will never export a single barrel of crude unless it is so heavily subsidised that it hurts.

 

Of course, why would they sell oil for some worthless paper that only they have the right to make out of thin air in unlimited quantities?

[falang07]

 

We pay an average of 25 % tax . Education is free . Healtcare is free . Food is cheaper in the US ( been there several times) Electronics are the same price as in US .I can also inform you that the average gross salary in Norway is 470.000NOK. Which equals €64.000/$82.000. In comparison the average salary in USA is $46.000. And it is a safe place to live . [/size][/font][/color]http://www.prosperity.com/Ranking.aspx#

And the whereabouts of Norway, well here is a link :http://www.youtube.com/watch?v=sm8o61Go964&list=PL76FD7DD7E20EE85B

 

Then why did you come to this miserable country called Thailand and did not stay in that perfect country of yours? That says quite something about the reality in Norway

Edited October 28, 2013 by falang07

[falang07]

 

here's another link on Norway taxes:

max income tax rate 47.8%

sales tax.......... 25.0%

social insurance tax 7.8%

http://en.wikipedia.org/wiki/Taxation_in_Norway

 

Yes, so healthcare and education is "free" in there, same like free sex in a marriage

[watcharacters]

Another journalistic masterpiece!!

No connection whatsoever between the headline and the "content" of the article.

Money is like water, it has to go somewhere, so with the US on the brink of collapse, IMO money will flow into the emerging markets!

But that is just me.

Yeah, too bad it isn't just you. The US has a family squabble, and in public which to me shows transparency and a two party system working.

But others get some idea that "the US is on the brink of collapse."

Well, FYI the US has a smaller debt to GDP ratio than France, Ireland, The UK, Japan, (by a mile) Singapore, of course Italy, and some others. Link

Also, the US has an economic engine like no other country, absolutely ruling high tech, and being huge with lots of natural resources. For instance, the US has more oil reserves than all of the rest of the world combined. It is set to pass Saudi Arabia as the world's largest oil producer within a couple of years, then become oil independent by 2020, and shortly after become a net exporter of oil.

Be careful where you place your bets.

Yes this is on topic with the OP article which talks about "capital flows as a result of US actions" and "The US economic stimulus through quantitative easing" and "the credit rating of US bonds and financial instruments will possibly be cut."

You are largely correct. This recent political silliness in Washington didn't really question the US's ability to pay its debt, but rather its willingness. The US continues to be by far and away the largest economy and richest country in the world. Which is why our little domestic squabble effects everyone else. America is still top dog--we're not going anywhere.

$17 Trillion in debt and rising, if the US is the richest country in the world then I would hate to see the poorest

.

Yeah, not a pretty sight at all.

[Naam]

 

here's another link on Norway taxes:

max income tax rate 47.8%

sales tax.......... 25.0%

social insurance tax 7.8%

http://en.wikipedia.org/wiki/Taxation_in_Norway

 

Yes, so healthcare and education is "free" in there, same like free sex in a marriage

[mccw]

Isn't most of the Kroner in that sovereign wealth fund freshly created currency because of CB policy to keep the exchange down relative to dollar so the oil is still affordable?

But yes they are in a good position. One of the best in the world.

How is it for property investment over there?

[Naam]

Isn't most of the Kroner in that sovereign wealth fund freshly created currency because of CB policy to keep the exchange down relative to dollar so the oil is still affordable?

But yes they are in a good position. One of the best in the world.

How is it for property investment over there?

why would a country that pumps a multiple quantity of oil it uses manipulate its currency for the sake of "affordable" oil? crude exported is priced and paid for in US-Dollars no matter what the value of NOK is.

[mccw]

Isn't most of the Kroner in that sovereign wealth fund freshly created currency because of CB policy to keep the exchange down relative to dollar so the oil is still affordable?

But yes they are in a good position. One of the best in the world.

How is it for property investment over there?

why would a country that pumps a multiple quantity of oil it uses manipulate its currency for the sake of "affordable" oil? crude exported is priced and paid for in US-Dollars no matter what the value of NOK is.

You are right on this one. I must have been half asleep when writing that- it was for competitive reasons but not oil affordability. Also a mistake u missed in my post was mixing the kroner (Sweden) with the krone (Norway). But the point stands that they have created most of that money in the sovereign wealth fund. Switzerland has been up to similar tricks. Amazing how the results of the debtor countries printing has barely staved off collapse while the stable countries forced to print have been hugely enriched and able to purchase foriegn shares etc / assets with the new money- the debtor countries are just left with piles of crap though instead.

"Norway owns on average 1% of all listed companies in the world" !!

http://bbc.co.uk/news/world-europe-24049876