Tuesday, October 7, 2008

Time to take a sideways look with the CIA

Rank Order Current Account Balance

The country listed at 157 is today under threat of going bankrupt "Grim, it clearly is. But is Iceland heading for bankruptcy?" see also http://www.moneyweek.com/news-and-charts/economics/how-does-icelands-meltdown-affect-you-13772.aspx 1 China $ 371,800,000,000 2007 est. 2 Germany $ 254,500,000,000 2007 est. 3 Japan $ 210,500,000,000 2007 est. 4 Saudi Arabia $ 86,620,000,000 2007 est. 5 Russia $ 78,310,000,000 2007 est. dum dee dum dum 157 Iceland $ -3,189,000,000 dum dee dum dum 184 Italy $ -51,030,000,000 2007 est. 185 Australia $ -56,780,000,000 2007 est. 186 United Kingdom $ -119,200,000,000 2007 est. 187 Spain $ -145,300,000,000 2007 est. 188 United States $ -731,200,000,000 2007 est.

Posted by malct @ 03:39 PM (1011 views)
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9 thoughts on “Time to take a sideways look with the CIA

  • ummm

    link dont work

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  • I don’t think it works with https:// links. Try copy-pasting the following:

    https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html

    And actually, per head of population, Iceland owes approximately $10,000/head. Compared to the UK’s approximate $2,000/head, and America’s $1,200/head, it’s little wonder the country could default on it’s debt.

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  • inbreda – it’s on our resources page
    sorry

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  • These numbers don’t mean a great deal on their own – divide them by their respective populations, and more significant figures emerge. Dividing by GDP also gives more meaningful data.

    The UK figure is 40x that of Iceland, but we have 200x the population.

    I would be surprised if Iceland does not default on its sovereign debt, if it doesn’t, it will probably use a Weimar solution, and throw the Krona into hyperinflation while the population switch to using euros for everyday spending – but without formally joining the currency (for now)

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  • thanks UT, the moneyweek article does refer to GDP

    but when GDP is largely made up of government speding taxes and people borrowing to buy foreign good and almost zero manufacturing with most people in a service industry WHAT DOES IT REALLY MEAN?

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  • As you say Uncle Tom divide by population perhaps gives a more accurate figure.

    It also moves us down a place to be almost as bad as the USA and 4 times worse than Spain.

    It also moves Germany and Japan into 1st and second place by some margin.

    Perhaps you can throw some light onto how they are both in trouble aswell despite their vast pile of dosh.

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  • It also moves Germany and Japan into 1st and second place by some margin.

    weren’t they both devasted by WW11?

    what happened?

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  • They were forced into a punitive financial situation and had to rebuild their respective countries. Rather than sitting on their laurels like the UK and watching the wealth of our empire waste away.

    Again – as I said before today – this GDP nonsense is accounting/statistic manipulation. The use of numbers to cloud the facts is the real evil mechanism in this whole farce. The REAL economy and REAL production is what matters, and we don’t do any of that so we don’t really create any wealth.

    Germany might have a bit of a tough time, but they’ll be in a much better place than us.

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