The Global Debt Clock
Tuesday October 30th, 2012 • Posted by Craig Eyermann at 8:20am PDT • 6 Comments
We came across a really cool web application over at the Economist: The Global Debt Clock, which visualizes the level of publicly-held debt for nations around the world. The map below shows how much all the governments of the world collectively owe entities other than themselves, according to each government’s public-held debt per capita. As a bonus, we directly compared the United States and Greece in the tables on the right:
We were surprised to find that each nation’s public debt per person was nearly identical, with the U.S. at $36,088 per person and Greece at $36,722 per person. Unfortunately for the failing Greece, its public debt-to-GDP ratio is more than double the same ratio for the U.S.
But that only considers “publicly-held” debt. In reality, the amount of the U.S.’ total public debt is understated because it excludes the money the U.S. government has “borrowed” from Social Security. Adding that debt back in vaults the U.S.’ total public debt outstanding to GDP ratio past 103%.
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dot kent says:
We are in a “mess” in America that only God, (Jesus) can help get us out. Believe it? Doesn’t matter...the Truth is the Truth...Read the Book. (not the Quran). May God help us to get some God Loving, Praying people, like our founding Fathers were back in the White House....at that time..then God will hear our Prayers and deliver us ! To God be the Glory ! How sad He must be with us at this time.
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[...] The Global Debt Clock | MyGovCost | Government Cost Calculator Attached Images __________________ "Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage — to move in the opposite direction." — Albert Einstein [...]
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So what does all this mean in the end? Or is there and end? It seems that the most advanced countries seem to have the highest debt. Is debt an indicator of social status? Is debt the key to success? It looks to me like Russia, a very wealthy country, when you consider all their oil production and raw materials production, with its low debt, could be a future power-house. It also seems to me that since China has such a low debt, maybe China has a LONG way to go, before it is even close to maxing out it’s advanced status. Maybe China and Russia will be the most powerful countries of the future, purely because of what they will be able to accomplish with all their financial power, once they build their economies with massive debt, the way the U.S., Japan, and European countries have. I also noticed that India has a very low debt level here, but is that misleading, since the per-capita GDP in India is so low, comparatively, when compared to the U.S. and other countries?
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[...] other developed nations. (Note: this differs from the Economist’s Global Debt Clock that we featured earlier this week in that it accounts for the U.S. full public debt [...]
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Who owns this debt??? To whom do we owe this money??? Imf? Banks? China? Private corp???