At December 31, 2009, in France, corporate debt (excluding financial sector), households and the state was 200% of GDP. The government debt rises alone to 81.9% of GDP. Of these 1.562 trillion, how much was allocated to real investment in infrastructure or research and how many were used to meet current expenses of a state too expensive? Household debt reached 52.8% of GDP. Of these 1.007 trillion, how many were used to invest in building a house or education and training and how many were used to finance the purchase property already constructed or consumer goods? The corporate debt off financial sectors weighs 64.30% of GDP. Of these 1.226 trillion, how many have actually served to invest in new production capacity, research and training and how many were used to finance working capital, repurchasing its own shares, mergers and acquisitions, leveraged buyouts?
The issue of allocation of savings available is absolutely critical. Yet she is asked seriously? During the last twenty years in developed countries, the savings she was mainly invested in capacity production, employment, research and development, training, infrastructure, construction or in use but in no way improve our economies? Viewed this way, the huge waste of our resources that we are witnessing is obvious. Fully legitimized by contemporary political and economic thought, financial institutions have largely limited resources allocated savings into non-productive but with strong profitability. This shocked he great world? Not too much that I had the chance to see yet. However, simply asking the question of where we would if 3.795 trillion had been allocated to productive activities to realize that there is indeed a matter of digging.
To ensure the unproductive allocation of savings in developed countries, we need only look at the evolution of the total debt relative to GDP. Indeed, if the debt grows faster than production, this obviously means that savings have been used to finance unproductive too much debt, ie debt which failed to create an improvement our economy.
Source: bank France (1999 figures are approximate because from a curve)
Total debt increased sharply during the decade of 2000 in six of the seven major industrialized spays above. Germany has seen a moderate increase of this debt. She saw, however, exploded its foreign assets during this period. These figures show us and a large part of savings has been allocated for non-productive.
The reallocation in the future of our savings into activities that will allow our country to find the path to full employment, develop our technology to enable our SMEs to be more efficient and to better train is not an easy task. This would require a lot of innovative ideas and a very strong political will which we are still light years away. The first step would be to open your eyes. Loanable funds are limited resources whose allocation is a major issue. When a bank willing to finance an LBO, a mortgage in the former or current expenditure of the State, as that will not be invested in our future.
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