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Solve : america's debt clock? |
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Answer» what a lot of money , will they ever get out of debt , click oddhammer and enlarge Innacurrate at best... hi patio , i'm not discussing politics its only a clock counting money owed do you think the figure is way to littleI think I'm tired of your passive-aggressive attitude TOWARD America.Almost EVERY country in the world is in debt. You cannot take a single flat number and say it "means more" then a corresponding number from another country. As a percentage of GDP, for example, Canada's Debt is a good 20% higher then the U.S. Another example: the U.S's approx Debt as of 30 June 2009 is about 13,450,000,000,000 dollars. (about 43,758 per capita) and it is 94% if their GDP- that is, their Gross Domestic product is then the entire debt. as of 30 June 2009, the U.K external debt lists at 9,088,000,000,000, which is 147,060 per capita, and a WHOPPING 416% of their GDP; that is, their debt is over 4 times their Gross Domestic product. Now I ask, who is more likely to get out of debt? The country whose GDP is higher then their debt or the country whose debt is 4 times their GDP? Perhaps there should be a novelty time-based counter that counts U.K debt clock? I've found the issue of foreign debt quite CURIOUS, since almost every country has some debt- so the question is- WHO is the creditor? you WOULD think that if, say, Canada borrowed a few million from the U.S and then later the U.S borrowed a few million from Canada (well, it's not direct, it would occur via export/import value difference I imagine) but, you would think that they would consider it even, but somehow both countries have netted themselves more debt? (edit: appears I have confused foreign debt with the trade deficit) It's all quite confusing. I doubt anybody truly understands *censored* it all means. Maybe it's a ploy by government accountants to make sure they keep their job; enforce all sorts of ridiculous debt-related rules so that no country can ever get out of debt, and considering no country seems to NOT have debt, the question (as I noted) is who are they indebted to? It certainly can't be other countries, since those other countries are indebted to them and other countries. In fact, it seems every country owes every country but at the same time no country owes any other country. *censored* this confusing financial talk. Perhaps there are aliens involved here somewhere, since if this external debt is not of Earth origin clearly we are borrowing from some other planet. To some extent, Britain's high gross external debt to GDP ratio reflects the big part played by banking and financial services in the UK economy. According to National Statistics the UK External Debt – (gross) is £6,290 bn - this is roughly 430% of GDP - of which only £26bn is owed by government. The biggest balance is the banking sector which owes nearly £4,000 bn. These banking liabilities should be cancelled out by an equal amount of foreign assets. Though if these assets deteriorated, the UK’s position would definitely worsen. Other countries with higher ratios are Ireland 1004% Luxembourg 3854% Netherlands 470% Liberia 606%. Except for the last, these are countries where banking plays a big role in the economy. I believe the UK's net external debt is nearer 30% of GDP. Certainly it is not out of line with other G7 countries. Indeed, Moody's and Standard & Poor's consider that external debt ratios are irrelevant from a credit perspective for countries with fully convertible reserve currencies and do not even quote them (Fitch Ratings do). Financial Debt = Monies borrowed upon that eventually come due... Trade deficit = The balance between goods sold and goods imported. 2 very different animals.However expanding on both BC and Salmon's comments the interesting thing to consider...which most don't do is where is that debt stored ? ? It's important to TRACK the trends of who your biggest creditors are and how efficiently you have spread your borrowing... This is more an indicator of if you have a healthy debt to loss ratio than sheer numbers... Anyone can borrow money for chrisssake...it's who you owe that says where you are financially... Carry on...In 1995 when I first got a mortgage to buy a £37,500 house, I was earning £15,000 per year, so my debt-to-annual-income ratio was 250%. I did not consider myself to be a basket case, even though at the start the interest rate was nearly 7%. Quote from: Allan on September 22, 2010, 01:28:46 PM I think I'm tired of your passive-aggressive attitude toward America. and pray tell me of any derogatory remarks i have made towards the country of America or in fact any country and to all other readers i just put a clock in a post if there was one for Britain i would have put it in Just to add my 2 pennies worth and I have no illusions of understanding all this to it's fullest. But when the UK bailed out the banks as they did in the US, the UK government owned a percentage of the banks that were helped. Surely this can then be off-set against the debt that is owed as this is income that should go directly to paying off said debt. I may be way off but thought I would mention it. Quote from: Mulreay on September 22, 2010, 03:01:47 PM Just to add my 2 pennies worth and I have no illusions of understanding all this to it's fullest. But when the UK bailed out the banks as they did in the US, the UK government owned a percentage of the banks that were helped. Surely this can then be off-set against the debt that is owed as this is income that should go directly to paying off said debt. you are right but they said they will not sell them for about 4 or 5 years in that time the wealth will have increased and they will be debt free and so worth more , and so the gov; will have made money on the back of the banks by selling their shares Quote from: harry 48 on September 22, 2010, 02:57:38 PM if there was one for Britain i would have put it in there is, and you didn't. Quote from: BC_Programmer on September 22, 2010, 03:10:51 PM there is, and you didn't. its news to me if i find the link i'll put it in , there it is http://www.debtbombshell.com/ Quote from: Allan on September 22, 2010, 01:28:46 PM I think I'm tired of your passive-aggressive attitude toward America. Quote from: harry 48 on September 22, 2010, 02:57:38 PM and pray tell me of any derogatory remarks i have made towards the country of America or in fact any country i did not think you would come back with an answer to the statement you made above |
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