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 (updated September 2012) shows the global figure for 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 various euro-zone governments have done, and the country (and its neighbours) can be plunged into crisis.
Notes:
- This interactive graphic displays gross government debt for the globe. The clock covers 99% of the world based upon GDP. It uses latest available data and assumes that the fiscal year ends in December.
- 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.
- All data is mapped on modern borders (Montenegro split from Serbia in 2006, Kosovo in 2008. South Sudan split from Sudan in 2011. Data for these countries are included in their parent nations' prior to these dates).
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Incredible, the case of Ireland. 25% of GDP in 2006 to almost 90% in 2011.
Japan's current economic situation is rather grim. With the second highest debt to GDP ratio in the world (after Zimbabwe) at 189%, an aging population, very low birthrate and a population that is estimated to shrink by 20 million people over the next 40 years, their debt will be increasingly difficult to manage. Here's more information on Japan's economic status and the issues it faces:
http://viableopposition.blogspot.com/2010/08/japan-are-three-ds-going-to...
..That looks very promising.
"Does it matter? After all, world governments owe the money to their own citizens, not to the Martians."
Yes, it certainly does, and for quite other reasons than those listed by "the Economist".
Huge debts, not just the public (governments of all level), but also citizen's debts and businesses debts are owned by anonimous private bankers, largely monopolized by you-kno-who (not the Martians, but IMHO close, in their degree of alienation from the most citizens). They are not only enslaving people by the debt, totally own the mass-media and entertainment industry, they manipulate the value of money by controlling the emission and credit via private central banks (FRS), organize crisises, etc. I doubt my opinion will be allowed on this site, although it is both correct and benevolent.
Confused by interest rate. Is germany so magnificent that it has a negative interest rate? how does that work?
As a scientist,the lack of errors on this hurts me.
This is really the stark revelation of a group of people living on a planet that have lost all sense of the purpose of life, of being a thinking human being, that is supposed to be the most developed and most intelligent form of life on this planet. This must be questioned. We have sat here whilst a few have developed this financial/banking conspiracy over time to have all of us live in debt and obligation to the system forever. This is the form of control that has been spoken about by so many others, presumably somewhat saner than us who sit by and watch our world and lives go up in smoke, in debt, war, pestilence, starvation and hunger, "terrorist attacks", environmental destruction and political intrigue. For what? Debt?
To my mind the time has really come for a world movement to have debt liquidated as well as the accompanying political and social problems that arise from it and use the resources of the world for the benefit of mankind.
What is the source of this data? I don't think Australian public debt is 22.3% of GDP, more likely less than 10% of GDP?
On the Lighter Side, it's rather reminiscent of Dad's Army, with the whole world running around in circles screeching, "Don't panic! Don't panic!"
According to this, Singapore seems to have higher debt - but, hey, wait a minute, isn't the Singapore economy and Singapore Dollar postively BOOMING?! Where's the sense behind the shading?
JGradus, it has GDP comparisson, look again.
All major developed countries are in debt, and those not developed are not it seems. That says something about our developmend strategy i guess - we are not evolving naturally!
An Yes, Greece could never triple its debt within ten years - somebody took all the money away. Funny thing is, its natural resources (Uranium, oil, gold etc) are worth many times more than its debt
Ah, and they are not taking into consideration who is owing whom (http://hubpages.com/hub/The-American-National-Debt-Who-Do-American-Owe)
It reveals how alarming the situation is. Certainly not of concern to the Governments, the politicians,Corporates, Bankers,Ministers, so called peoples' representatives, mafias, criminals and so on. But to the REAL CITIZENs of the concerned NATION.
Hmmnn. not a great deal of difference between 1999 & 2010. Shurley shome mishtake?
What about private debt?
We need to look at the whole picture.
If a person has debt of 50,000 and has a yearly income of 50,000. Is that person in too much debt?
It depend on the personal assets of that person.
The US has debt of 13 trillions and GDP of 14 trillions. Total Assets approx 600 trillions
China has reserves of 2 trillion and GDP of 1 trillion. Total Assets approx 15 trillions
Debt levels should always be related to assets and not to GDP only.
Certain countries are also privilege. USA and UK are able to borrow in their own currencies. To decrease their debt they can reduce their currencies' value or simply monetize the debt.
The US and UK are 2 countries that would never go bankrupt because they have their own money printing machine. ( Quantitative easing)
Clock is fine! A next question usually will be the structure of this debt: maturities (as you so clearly comment), currency split-down (main currencies?) etc. As this is a too wide and complex structure to show, links to your (or external) more detailed databases would be helpful.
Well-done ! Fascinating !
Shouldnt there be a "black market" cloock ?
By the number of spamming "commercial" posts, IMHO it is obvious that the intent was NOT advertisement.
I hereby forgive all public and private debts owed to or by all peoples, nations and/or entities.
Thank you and have a nice day.