The Chancellor of the Exchequer of the UK, George Osborne presented a list of cuts to government expenses to the House of Commons. The total cuts will be $ 130 billion over four years and lead to a loss of 490000 jobs in the public sector. European economies in general are cutting government expenditure in an effort to lower fiscal deficits. Americans are unhappy with such severe cuts at a time when the global economic recovery still looks shaky. Some economists think that cuts at a time of rising unemployment, depressed housing sector, low private sector investment and a reluctance by banks to provide credits will lead to a double dip recession in the west which could affect the world. Central banks in western countries are keeping lending rates at record low levels leading to a flood of liquidity into developing economies leading to strengthening of their currencies. Countries such as Brazil have imposed taxes on the flow of foreign money in an effort to control the flow. Others like China directly buy foreign currencies from markets to keep their currencies low. China is deliberately restricting the export of rare earths, which are used in the manufacture of electronics, in an effort to force western companies to set up manufacturing factories in China and share their expertise with local companies. Time was when western countries could subsidise their farmers and force poor countries to open their markets while putting up barriers against imports. They called it globalisation. No longer. Poorer countries are playing the same game. If the rich will not export wealth they will end up importing poverty. Justice.