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Economist Clock Is Ticking As Global Public Debt Rises By The Second

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http://buttonwood.economist.com/content/gdc

The debt clock

http://www.guardian.co.uk/business/2009/se...obal-debt-clock

With the world's governments now owing a collective $35tn (£21tn) and counting, the Economist has devised an innovative way of getting to grips with the eye-wateringly high mountain of public debt.

Called the Global Public Debt Clock, the online guide keeps a running total of the current global public debt – updating every few seconds.

There is also an interactive map that allows users see which countries are particularly laden with debt – America, the UK, most of continental Europe – and which are less dependent on borrowing to balance the books – India, China, much of Africa.

The clock also includes 10 years of historical data, plus projections of how the debt will grow in 2010 and 2011. At the time of writing, the projected figure for 2011 was nudging $45tn – and rising.

It showed Britain's current public debt is $1.379tn, or 63.7% of GDP, equal to $22,338.7 per capita. By 2011 it is expected to hit $2.083tn, 93.1% of GDP, and $33,311.4 for every man, woman and child.

The news and current affairs magazine admits that the clock is "not perfectly accurate", but is meant to provide a graphic perspective on an important economic issue.

The Economist warned: "The worst global economic storm since the 1930s may be beginning to clear, but another cloud already looms on the financial horizon: massive public debt."

Across the rich world, governments are borrowing vast amounts as the recession reduces tax revenue and spending mounts on bailouts, unemployment benefits and stimulus plans. New figures from economists at the IMF suggest the public debt of the 10 leading rich countries will rise from 78% of GDP in 2007 to 114% by 2014. These governments will then owe about $50,000 for every one of their citizens. Not since the second world war have so many governments borrowed so much so quickly or, collectively, been so heavily in hock.

I wonder how inaccurate the clock is?

Just think of all the hundreds of billions needed to service all of this massive debt year on year. The Economist should at those stats as well.

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http://buttonwood.economist.com/content/gdc

The debt clock

http://www.guardian.co.uk/business/2009/se...obal-debt-clock

I wonder how inaccurate the clock is?

Just think of all the hundreds of billions needed to service all of this massive debt year on year. The Economist should at those stats as well.

Someone is on the other side of this debt you know. The interest payments stay in the economy. It's a zero sum game. We just have to get the men with the CR on their bank statement to buy some stuff of us. Or tell them to feck off.

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