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- stoanhart, on 06/08/2009, -21/+168How are these numbers calculated? Canada's debt is currently ~$500B, and will hit $630B in five years due to an unnecessary stimulus package. It is definitely NOT $814.26B. Also, our GDP is ~$1.3T, which puts our 5 year debt at 48% of GDP (assuming no growth or contraction for 5 years), and the current debt at 38.5%. Both are a far cry from 62.3%.
Buried as inaccurate. - bearsandbulls, on 06/08/2009, -1/+138How is every country in debt? Who is owed?
- yocouchdigga, on 06/09/2009, -2/+112The banking cartel.
- christoast, on 06/09/2009, -7/+99In soviet Russia, debt owes YOU.
- StingingNettle, on 06/09/2009, -2/+88This is old, we (US) are at 11.4 trillion now.
- mozzep, on 06/09/2009, -0/+78Actually it's possible for every entity to be in debt. The reason is twofold. First, because of interest. All money is originally principal, but the moment interest is paid, it comes from the principal. For instance, if you are given a loan of 2000 which is principal, you must pay back interest + principal from a pool of money which only contains principal.
Second, banking reserve requirements. Banks are allowed to create money, usually in the form of debt which is lent out to people in the form of mortgages or otherwise, from money that is deposited with them. Therefore, the new debtor is in debt with the bank and the bank is in debt to the original creditor. More interesting is that the bank is allowed to create money from the original deposit by the creditor. So for every 100 dollars created, the bank can lend out 90 of that money to a new debtor, when the new debtor buys something with that 90 dollars, the person who sold to the debtor deposits his 90 dollars and the bank, and the bank can then lend out a new 81 dollars, and so on.
The effect is to create several new debtors from the original deposit by the creditor of 100 dollars.
Also, since this is the case, there simply isn't enough paper money to distribute should we withdraw our money at once from the bank. This is because everyone is in debt to everyone else.
This will help you understand better: http://www.youtube.com/watch?v=vVkFb26u9g8 - uptwolait, on 06/08/2009, -5/+79The total $$ of debt isn't the problem, it's the percentage of gross domestic product. That's the indication of how easily and how quickly a country can pay down the debt through production and trade.
From that perspective, we're not as bad off as some other developed nations...yet. The big problem with the U.S. is that we're exporting our manufacturing jobs, which will lower our GDP and reduce our ability to pay off our debt.
It's kind of like selling off your sewing machine to pay down the credit card, when sewing is what you do to earn money. - purplesawdust, on 06/08/2009, -4/+75Shows that the US aren't the only ones with problems.
- masamunecyrus, on 06/09/2009, -0/+66Likely calculated via CIA world factbook:
https://www.cia.gov/library/publications/the-world ...
Public debt of 62.3%. With a GDP of $1.307 trillion, that calculates to $814.26 billion of debt. - ivan423, on 06/08/2009, -4/+62I have $300 in my wallet. Ha Ha Ha. ***** you IRS.
- nicholasdog, on 06/08/2009, -3/+58Wish I had a World bank credit Card
- MrInfallible, on 06/09/2009, -1/+42Mirror.
http://rorr.im/digg.com/business_finance/national_ ... - Shmebber, on 06/09/2009, -0/+26Zimbabwe is *****.
Just had to point that out. - boobsbr, on 06/09/2009, -0/+26Great Mother Russia laughs at ridiculous debt!
- elnerdo, on 06/09/2009, -4/+26What in hell makes you think that Bill Gates has any debt whatsoever? What a dumb assumption.
- inactive, on 06/09/2009, -1/+21Best I can figure is its in US dollars and calculated a few years back when the USD was quite weak compared to Canadian? But the link gives no date or anything really.
- masamunecyrus, on 06/09/2009, -1/+21China is listed. They're actually around ~18%.
- SilverBlade2k, on 06/09/2009, -4/+23Gotta thank the Federal Reserve and it's global partners for this
- rgranger, on 06/09/2009, -1/+20The fact that you're getting dugg up illustrates how little digg users know about economics.
GDP is a rate, not a networth. GDP shows how much each year things are being produced (services, goods, whatever.)
Last I checked the US GDP is something like 14 trillion, but if somehow an auction could be had for every good still in existence, it would far exceed 14 trillion.
In other words, if Japan sold their entire country, likely they could pay off the debt. - timewarp424, on 06/09/2009, -5/+24CPU exceeded its limit? Since when can computers take out loans?
- MrInfallible, on 06/09/2009, -1/+20Countries also lend money so the figures are a little misleading, Norway for example is red here but is a bigger lender than borrower so has net zero national dept.
- curtisag, on 06/09/2009, -1/+19Japan has one of the worst demographic time bombs of any industrialized nation. Their population is rapidly aging and the smaller young population will not be about to pay off this massive debt. Japan also has a taboo about foreign immigration, so forget that. It's a culture thing.
- scarlettletter, on 06/08/2009, -6/+23Great perspective on how messed up we are! Nice to know we're not on top on this one.
- Gravix, on 06/09/2009, -1/+18@masamunecyrus: You're right.
It IS calculated from the CIA World Factbook.
It says so ON THE PICTURE (right there at the bottom).
@stoanhart: You can thank the US government for these numbers then, I guess. - inactive, on 06/09/2009, -1/+18Inaccurate. U.S. national debt is over $11 trillion, not $8 trillion.
- fuxxx, on 06/09/2009, -0/+17Buried as out of date and inaccurate. The UK is nearly approaching 100% of GDP, as is the U.S.
This data doesn't take into account any of the developments since the global financial crisis - utterly useless. - HavocXphere, on 06/09/2009, -0/+16No, actually its the people who loaned the money to Zim that are *****.
- richmomz, on 06/09/2009, -1/+16In Capitalist America, the banks rob YOU!
- appleofdischord, on 06/09/2009, -0/+15We know who you are.
- had3l, on 06/09/2009, -13/+28Japan is totally *****.
Debt is 170% of GDP? Wtf, even if they sold the entire country they'd still owe almost another entire contry. - masamunecyrus, on 06/09/2009, -3/+18That data is consistent with the Organisation for Economic Co-operation and Development and the International Monetary Fund, with both organizations showing Canada's public debt to be above 60%.
http://en.wikipedia.org/wiki/List_of_countries_by_ ...
Canada's GDP data is also consistent.
http://en.wikipedia.org/wiki/List_of_countries_by_ ... - Prodigyman, on 06/09/2009, -0/+15Hay, pre 1991 called, they want their communism back
- superfusion, on 06/09/2009, -5/+19This is completely wrong for Canada. Not counting 2009, we made a debt payment each year since 1995 from a peak of about $550 billion.
According to this: http://blogs.usask.ca/the_bolt/archive/2008/01/can ... ... We were at 32% debt-to-GDP (absolute value, $467b CAD) before The Great Recession. The FX was almost par back then, so $467b CAD was $464b USD. - SoulGrub, on 06/09/2009, -2/+15Date of information: 6/30/2007. Slight change in the global economy since then.
- Ymeg, on 06/09/2009, -3/+16This picture is disgusting.
- inactive, on 06/09/2009, -7/+19Hint: China isn't listed. But anyone can buy government bonds, most of them (I think) are owned by individuals and corporations, not by other governments.
- eramos, on 06/09/2009, -1/+13What? No. No. Christ. Debt is money that is owed. That's it. Even if your net worth is positive, you have debt. If you owe $2.50 on your credit card, you have debt.
How do people not know these basic facts about finances? Maybe that's why we're in this situation. - ModernGeek, on 06/09/2009, -2/+14I want to see the European Union as one. Every time we measure anything good, the EU gets it's own spot to make it look better than the US, and anytime it is something like this, each little country in europe gets it's own spot.
- richmomz, on 06/09/2009, -1/+13aka: the privately-owned central banks and IMF.
- JantjePietje, on 06/09/2009, -3/+15@ Molocaust
I suggest you get the ***** out of the USA and give all the land back to the indians then - inactive, on 06/09/2009, -1/+12Is it because the U.S. bails them out with billions of dollars in foreign aid every year?
- murrdpirate, on 06/09/2009, -1/+12You are completely right, I would just like to point out that "yet" is already here. We've been exporting our manufacturing jobs for decades. While we do have a decent service industry, it does not match the manufacturing we have lost.
The way we calculate GDP is a complete joke. Seventy percent of the 14 or so trillion we say is our GDP is consumer spending. We cannot pay back our debt by buying ***** at the mall, we can only pay it back by producing stuff and selling it abroad. - sulthernao, on 06/09/2009, -1/+1213.7 trillion.
But it also depends on how you look it, as there is state debt and inter-governmental debt. - sulthernao, on 06/09/2009, -0/+10None of which has anything to do with national debt, at least directly.
- FunFactor100, on 06/09/2009, -0/+10And when the game ends, whoever's at the top of this scheme owns all the collateral. That being the property and natural resources...who knows..maybe even the air and water one day :O
- fauxbro, on 06/09/2009, -0/+9petersonca....no you still have $20,000 in debt regardless..but your net worth is $80,000= total assests-liabilities(debt)
- tjrecord, on 06/09/2009, -2/+10Do you really find it that difficult to read a map with figures on it?
- Slackdragon, on 06/09/2009, -0/+8Actually, it's more like 11.4 trillion currently, the graphic is a bit out of date.
- eramos, on 06/09/2009, -5/+13Total debt says ***** all
http://en.wikipedia.org/wiki/List_of_countries_by_ ...
Sort by per capita. Somehow I bet you people won't be flocking to the countries with the least amount of debt owed per citizen. - Stormwern, on 06/09/2009, -0/+8Norway does not have a national debt, they have an oil fund 150% the size of their GDP.
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