Yesterday, we looked at percentage of debt by US President. Today, we are looking at debt by nation:

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Source:
Pressure Is Rising in the Search for a Euro Solution
Spiegel Online, October 14, 2011

Category: Credit, Data Analysis, Economy

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

15 Responses to “The Most Important Facts about the Global Debt Crisis”

  1. paulie46 says:

    Yes, 47 Billion Euros per YEAR…Capitalize THAT, and the “debt” looks pretty small.

    BTW – Eurozone debt is REAL debt – (that they will never be able to pay back). Adios amigos.

    US debt is pretend debt that doesn’t need to be paid back since we borrowed money that we create for free from ourselves. (also see UK, Japan, China, Canada, Australia).

  2. paulie46 says:

    Curses – no edit function (that I can see).

    Capitalize GDP’s and the debt looks pretty small.

  3. Neipa says:

    That China number looks like it doesn’t include the debt on the books of the state owned enterprises.

  4. doug says:

    The fact that Greece is no where to be found in the picture contrasted with the press coverage that Greece’s debt seems a bit odd to me.

  5. Bruman says:

    Wow, the US and Japan are Jupiter and Saturn.

    It would be good to have a debt/capita figure along side a labor productivity figure here, perhaps deflated by a tax rate, so it would give some issue of size by ability to pay.

  6. Asymptosis says:

    The far more important facts have to do with private debt.

    Just because private debt and credit-money net to zero doesn’t mean that gross doesn’t matter.

    It really, really does:

    http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit/

  7. MayorQuimby says:

    “US debt is pretend debt that doesn’t need to be paid back since we borrowed money that we create for free from ourselves. (also see UK, Japan, China, Canada, Australia).”

    Psychotic. Truly.

    ALL loans are backed by collateral which is why student loans are not dischargeable and credit card interest rates are so high.

    Your fiat is Monopoly money thesis is utter crap and based on a complete fabrication of whatever fantasy world in which you abide.

    WRONG.

    Not even close.

    Look at total credit vs. gdp and you will see excess credit which must be defaulted and written off. It will mean a monstrous but brief (3 – 5 years) depression but there is literally no better alternative at this point.

  8. paulie46 says:

    @MayorQuimby

    “ALL loans are backed by collateral which is why student loans are not dischargeable and credit card interest rates are so high.”

    The dollar is backed by the productive capacity of the American worker. $15 Trillion/year. $280 Trillion since WWII.

    What collateral is behind the National Debt™? The liability lies on the government. side of the ledger so answer carefully. How would the government pay it?

    You continue to be unable to see the difference between public and private debt.

  9. Futuredome says:

    Ah, Quimby, you are the “nut”. You don’t understand how public debt works and intellectually, try to force people to view “your” version of debt mechanics.

    Let go of that failing and accept how markets react to debt, not your intellectual standard.

  10. davossherman@gmail.com says:

    $128 trillion in the USA if you count the unfunded liabilities held off balance sheet.

  11. Futuredome says:

    “$128 trillion in the USA if you count the unfunded liabilities held off balance sheet.”

    Not for long. Once the US sets price controls on health care like ever other country in on the globe, that “nominal” number will drastically fall. Lets be clear, even the more “consumer” driven models like the Swiss or Singapore have price controls on health care. The US will have no choice but to follow suit or face a massive purge of the middle class and educated flee the country run by foreign capital owners. Leaving the country with severe talent gaps and production shortages. I would rather stay and fight.

    Capital Owners have abused the US for years with this feature. Creating “health care” companies out of thin air to goose and drive up health care costs. Alot of them are global. I just talked with a French member of a large industrial medical equipment company. They consistantly overcharge doctors for their equipment to the sum of 3 times the asking price. That is theft. Behind the scenes the foreign capital owner pillages America and yet, to the lover of capital ownership is a god. Why should foreign capital owners get more rights from my country than I do?

  12. paulie46 says:

    What is an unfunded off balance sheet liability?

    Can you show the math you used to get the $128 Trillion number? I see these kinds of numbers claimed all the time but I have no idea how they are arrived at.

  13. Aloysius says:

    paulie46
    Your brain doesn’t seem to be working very well. BTW the €47 billion per year? When your brain works it says €47,081 billion, or €47 trillion. A working brain also tells you to stop believing in self-serving rationalizations and fairy tales because they interfere with survival. But you know that… because that’s what you keep telling the stupid bastards that took out those mortgages they couldn’t afford that caused the whole problem, right? It’s unfortunate about your brain not working on the math, because it shows that even if your productivity fairy tale holds true, things are still f*cked.

    BTW, how productive do you think those folks are going to be without a house to come home to, or enough cash to buy regular, solid meals? Wait, don’t tell me: those folks were part of the unproductive liberal/socialist cohort to begin with, right?

  14. paulie46 says:

    @Aloysius

    Typo – sorry, the comparison still stands.

    Re the rest of your rant I can’t figure out what you are trying to say – is it that the 99% deserve their punishment?

  15. moonmullins says:

    Sorry, Barry, looks like you got it all wrong on this one. Here’s a link to the REAL story on debt accumulation by president … before getting to the link, a few words are in order … you need to be intellectually consistent and not merely grab whatever ideological bullet point that suits your purposes at the moment. If you do so, you best be prepared to be charged with being intellectually dishonest, and to be categorized as called a political hack. Or worse.

    http://advisorperspectives.com/dshort/guest/Lance-Roberts-111010-Der%20Spiegel-is-Der-Wrong.php