Our interactive overview of government debt across the planet
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 shows the global figure for all (or 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 the Greek government did in early 2010, and the country can be plunged into imminent crisis. So the higher the global government debt total, the greater the risk of fiscal crisis, and the bigger the economic impact such crises will have.
Notes:
This interactive map displays gross government debt for the globe. The clock covers 99% of the world based upon GDP. 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. The debt clock uses the latest available data, is updated on a quarterly basis and assumes that the fiscal year ends in December.
Alex, it seems as though nobody cares about debt headlines.
Even though it's a crucial factor in driving mortgage funding costs.
The US fed is burning the dollar to keep interest rates down. Short term rates are at record lows.
But look at the ferocity with which the 10yr T note yield rises, 20% in no time..
The Fed announced it's keeping rates 'low' until 2014, but at what cost? Who's buying?
Bonds yields negative according to the US governments own hedonically adjusted CPI numbers:
Clearly, given any excuse, commercial and spec money is leaving town. Whiff of a recovery maybe? Some 'bigger than expected' CPI numbers?
Meanwhile, the US dollar flirts with all-time record lows and the trade deficit continues to accelerate towards pre 2008 crisis days when oil consumption was %20 higher..
While I agree with your sentiment, it is amusing that you use a 1-year chart to make a point about a currency purportedly "flirt[ing] with all time record lows".
Surely a longer-term view, not to mention an explanation of the relevance of the DXY index, might be in order for a general audience?
9?% off its all time low. Not to mention how much the dollar is down against currencies that aren't being printed to oblivion, let alone a basket of commodities.
If there is an actual recovery, the price of oil is going to blow right through its previous all-time-historic high on fundamentals alone.
That's exactly what it was going to do before the GFC.
9?% off its all time low. Not to mention how much the dollar is down against currencies that aren't being printed to oblivion, let alone a basket of commodities.
If there is an actual recovery, the price of oil is going to blow right through its previous all-time-historic high on fundamentals alone.
That's exactly what it was going to do before the GFC.
Yes the debt is growing by the day along with our own while the gillard government continues to borrow 100 million per day .
The Australian Government does not borrow anything in the traditional sense. The Australian Government spends first, then chooses to issue bonds after the event.
Bonds do not fund Australian government spending (unlike Europe). They are simply a tool to drain excess reserves from the central bank so the RBA can control monetary policy.
9?% off its all time low. Not to mention how much the dollar is down against currencies that aren't being printed to oblivion, let alone a basket of commodities.
If there is an actual recovery, the price of oil is going to blow right through its previous all-time-historic high on fundamentals alone.
That's exactly what it was going to do before the GFC.
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