by Brother James

Created on: October 12, 2008   Last Updated: December 01, 2011

The extent to which other countries help failing American financial institutions should rest upon their stake in the global economy and the degree to which their economic interest are tied with those of the United States. Nations with under- developed economies, scarce resources, or who have depended upon IMF (International Monetary Fund) loans of last resort, simply can not contribute to a bail out. Bangladesh, Haiti, and much of sub Saharan Africa are examples of such impoverished countries.

Nations that have profited from the new world wide prosperity and their association with the United States should contribute to bail outs as a matter of fairness and self-interest.

Some of these nations justifiably, are actually contributing to American bank bail outs. Countries to which the U.S. have sold debt instruments such as treasury bills, notes, and bonds provide the cushion that allows the government to promise billions even as it boast a $2.7 trillion cumulative deficit. Congressional Budget Office

China- The world's population leader holds nearly $520 billion in U.S. debt. U.S. Dept Treasury www.treas.gov Furthermore, American dollars are helping the growth of the Chinese manufacturing sector explode. Beijing scratches America's back buying its debts while Americans buy goods made in China.

Japan- The land of the rising sun has fared well in its association with the U.S. The U.S. provided military and its accompanying expense for many years following the Second World War. This allowed Japan's economy to flourish. Japan now holds over 20% of U.S. debt held abroad totaling nearly $600 billion. www.treas.gov

OPEC- American cash travels to oil exporters as the United States accounts for 25% of world petroleum use, while America sells t-bills and bonds to several oil exporters adding up to roughly $175 billion. www.eia.doe www.treas.gov

There are nations that have prospered from the global economy, their relationship with America, and a combination of the two that are not relieving U.S. debt but should. The partners in NAFTA, Canada and Mexico for example, fit within this description but two other nations stand out.

India- It is arguably the single largest beneficiary of outsourcing. Various sections of the economy, including call centers, IT and manufacturing have relocated there. Jobs leave, and in turn income taxes and spending leave with them. The billions of loss revenues from this massive job export alone justifies India giving a helping hand.

Iraq- The Iraqi government sports a $79 billion surplus, www.nytimes.com/2008/08/06 while the war effort's estimated cost to American taxpayers is $12 billion per month according to Nobel prize winning economist Joseph E.Stiglitz. Baghdad, can you spare a dollar?

The key to understanding who should give can be summarized with the following statement: "For unto whomsoever much is given, of him shall be much required;" Luke 12:48 After all, its only fair.

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