The global debt clock

[DirtyCodingHabitz]

Click the link to see the debt clock: http://www.economist.com/content/global_debt_clock

Our interactive overview of government debt across the planet

The clock is ticking. Every second, it seems, someone in the world takes on more debt. The idea of a debt clock for an individual nation is familiar to anyone who has been to Times Square in New York, where the American public shortfall is revealed. Our clock shows the global figure for all (or almost all) government debts in dollar terms.

Does it matter? After all, world governments owe the money to their own citizens, not to the Martians. But the rising total is important for two reasons. First, when debt rises faster than economic output (as it has been doing in recent years), higher government debt implies more state interference in the economy and higher taxes in the future. Second, debt must be rolled over at regular intervals. This creates a recurring popularity test for individual governments, rather as reality TV show contestants face a public phone vote every week. Fail that vote, as the Greek government did in early 2010, and the country can be plunged into imminent crisis. So the higher the global government debt total, the greater the risk of fiscal crisis, and the bigger the economic impact such crises will have.

Notes:

* This interactive map displays gross government debt for the globe. The clock covers 99% of the world based upon GDP.
* Debt figures are derived from national definitions and therefore may vary from country to country.
* The clock shows the estimated debt at the point corresponding to the current date and time in whatever year you are viewing; this is why it increases even when you view past or future years.
* The debt clock uses the latest available data, is updated on a quarterly basis and assumes that the fiscal year ends in December.

[fyrOM]

Just wait for October this year or next…personally I think 60 40 next. The usa hasn’t finished with their property bubble…remember it was the derivatives that shot them in 2008 and pension funds hold retail property…amongst other things of course….and a lot of post war 1947 kids are going to say gimmy.

[fyrOM]

The markets work on spooks more than logic. The destabilization in Egypt and elsewhere...go Yanks you whores...will put pressure on the Euro and sustain the dollar but wait for the fall in the petro dollar. What’s their game

I don’t like to believe in conspiracy theories always preferring logic but to date the conspiracy theorist are speaking the most logic.

[Rogi]

On your point, OziMak, have you ever read the book "Black Swan"? A very worthy read in my opinion.

[fyrOM]

No I haven’t read it. I looked it up.

Interesting point…how much of a dose of scepticism still is a healthy dose. I guess like most attitudes they are formed from our experiences which vary from person to person and consequently so does each persons degree of each attitude.

Wikileaks might tell us someday what really happened.

[jennyparker]

The US debt clock is a ticking time bomb. If you watch too long it makes your eyes go wacky and your stomach lurch. Indeed, the rapidly increasing totals on the US debt clock is a proof that the government is having a hard time getting a grasp of the budget. Many money experts are wondering if how long the US debt clock can keep from exploding especially if the cost of borrowed funds starts to aggrandize because even payday loans are not enough to repay the huge amount.

Indeed, the debt clock is a concern of every citizen. Now, what must be done? The government needs to act quickly to correct this financial situation and the citizens must partake in every endeavor of the State. I know that this is not an easy task but I believe that if support is given to the government then economic recovery will be close at hand.

[George S.]

i heard recently that the us debt is going to 16 trillion dollars.The way out for the us is very easy they could print more money & pay the debt off if they wanted to.The us has the louxury to do it.

[makedonche]

Originally Posted by jennyparker

The US debt clock is a ticking time bomb. If you watch too long it makes your eyes go wacky and your stomach lurch. Indeed, the rapidly increasing totals on the US debt clock is a proof that the government is having a hard time getting a grasp of the budget. Many money experts are wondering if how long the US debt clock can keep from exploding especially if the cost of borrowed funds starts to aggrandize because even payday loans are not enough to repay the huge amount.

Indeed, the debt clock is a concern of every citizen. Now, what must be done? The government needs to act quickly to correct this financial situation and the citizens must partake in every endeavor of the State. I know that this is not an easy task but I believe that if support is given to the government then economic recovery will be close at hand.

jennyparker
Hi Welcome to MTO, where do you hail from?

[Risto the Great]

Call me a skeptic but I feel that JennyParker is a fat old man who surfs the internet looking for friends. Not that I have anything against fat old men.

[Big Bad Sven]

JennyParker do you believe in love at first sight?