43,454,601,693,238 Reasons Why The World Is Broke - Presenting The Interactive Global Debt Clock
By now everyone has had a chance to play with the US debt clock. But what about its global cousin? Courtesy of The Economist, we now have a convenient way to track the hundreds of millions in dollars added each and every hour by the global governments who see to spur global deleveraging by, you guessed it, adding more debt. Yes, in the process the world's sovereigns are transferring default risk away from global corporations to sovereigns, but few in the #OWS crowd appear to have yet figured out this rather disturbing and very insidious usurpation of sovereignty by the global corporatocracy, so said risk and leverage transfer will continue until such time as any and all paper backed by these insolvent corporate shells (f/k/a countries) is completely worthless. Regardless, one should not forget that like in the sandalone case, the "debt clock" below only tracks on balance sheet debt. Should one add the NPV of all "welfare state" obligations (pensions, retirement, healthcare), the number will be well over quarter of a quadrillion dollars. Have fun funding that, never mind paying it off...
From the Economist:
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.
h/t ReboilRoom
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Chump change when you have a printing press.
I personally have more than that in Zimbabwe money.
Global debt increased from 2.07 to 1.03 million tons of gold. Oh wait, that would be 'decreased'.
and you have just found the solution to the debt crisis.
Simple yet powerful. It doesn't take a million economists too understand that increasing the value of your assets offsets your liabilities,
I am so heading over to eBay to pick up some of those $1T Zim dollars and I will save this fucker! I always knew I should have been a super hero since I was a kid ... now is my moment!
Regards,
Cooter
Hey Cooter, The last ones they made were $100 trillion notes. They were officially worth $1 but
sold on the black market for 50 cents.
Why does it say US debt is only 8T?
WHO DOES THE WORLD OWE ALL THIS MONEY TO?
(rhetorical question btw... just want to get the gears turning)
Rhetorical or not it's still a good question.
The global economic system is so sophisticated (a word with the same Greek root as Sophistry)
sophistry
n pl -ries1. (Philosophy)
a. a method of argument that is seemingly plausible though actually invalid and misleading b. the art of using such arguments 2. subtle but unsound or fallacious reasoning 3. an instance of this; sophism
I've said it before, if the US would just print up 40 or 50 $1 Trillion dollar notes we could pay all our debts off and recapitalize the SS trust fund plus some extra trillions for medicare.
whew!
it's only the pesky debt clock.
my first thought was that it was the bathroom scale when my wife steps on it.
i'd much rather that was a race to the bottom.
So if the top 1% get 30% of national income. The 30% of global debt is a $hitload of money.
Basically, the super rich are hoarding dreams, and opportunities from the rest of us. Capitalism may have provided abundent material needs, but the marketplace of 'life affirming experiences', is still very expensive for vast populations.
down with the Ideological State Apparatus.
#occupywallstreet
Me, I would settle for the application of existing laws applied universally across the board regardless of station in life.
While I agree, I must point out we have crossed into the "banana republic" land a while back and there have since been two sets of rules. But I will be citing Orwell if I keep going on, but this does beg a question; will Buffet smell gin scented tears in his final moment?
Regards,
Cooter
"gin scented tears?"
In his final moment the old liar much more likely to smell burning sulfur. Any drinks will boil rapidly away
You may only quote Orwell because you KNOW he was right.
Engsoc
Amerisoc
Chisoc
Eurosoc
They all suck
If only we had hard assets to show for all the debt spent. Like maxing out credit card on strippers.
Uno, dos, tres, quatros!
http://www.youtube.com/watch?v=BLa4pyQtcmw
Oh, the memories ... one of the vices I had to give up moving to Alaska ...
Regards,
Cooter
Hard assets ? according to Ben
Thats "Transitory"
Yeah, exactly - and like Dick Cheney said: "deficits don't matter" - and his unspoken sequitur explains (obvious to zerohedgers): "as long as you attack and occupy some country out there, that has oil" - yeah, then we can keep printing till kingdom come.
So, ehh - who's next in line to be attacked...?
And all zerohedgers say: "....
Them pesky Persians that won't kick out the Russian engineers so Israel can bomb Bushehr, but, if you choose to believe, will recruit a pot-head whore-mongering used-car salesman from Corpus Christi to contract DEA agents acting as Zeta cartel-members to whack the Saudi ambassador to D.C.?
Sounds solid to me. End of investigation. Case closed.
Back to the grindstone, on to the real mysteries, to find those fucking freaks who keep hacking into the celebrities iPhones.
Gosh, I might even get a promotion for solving this!
(soft humming sounds)
<suddenly has a sense of serenity and wanders off>
Regards,
Cooter
:)
Iddybidy umdum deeeleedle iddldiddle dum....
:)
yeah, all those extra zeroes sure make toilet paper fluffier.
Tick, tick, tick....
The sound of Bathtub Buffett's tub when no plumber will touch his faucet?
"Have fun funding that"
Don't they already?
It's all paid for.
So, when do the aliens arrive to bail out the central banks? Or are they already here?
and spare me the lizard men and planet nibiru bullshit.
wooo owww oooowwww wooo owww owwwwwwww
it's not bullshit............... hisssssssssssssss
And the Rothscilds smile...;0)
Long Africa, where the WWIII will be fought.
Will it be with Eastasia or Oceania?
Eurasia
Long Africa, where the WWIII will be fought
Ahhhh shit! I just hate snakes et al.,.....,
i'd like to start a bar tab, please...
<I'm drinking with Slewie>
Regards,
Cooter
We're gonna need a bigger table.
The US Mint is gearing up to print some quadrillion notes. They have a pic of Komrade Obama on them, a big masonic eye on top of a building shaped like Goldman Sachs, and Warren Buffett has promised he will work real hard and send in extra money. Happy days are back!
thats a f'in number...
oh well,
maybe ill start drinkin' again...
The good news is: We won the war against the future! Overwhelming victory!
Win the future... WTF
Hooray!
The past is safe, paesantry!
All hail!
The global debt doubled in a space of 10 years (2001-2011): is this the definition of exponential growth ?
it is the definition of a wet dream for those who can claim the collateral demanded against their debt-fiat-confetti.
There is so much truth in this simple response.
The caveat is that the system of ownership must remain intact. That implies a system of enforcement.
In my mind, the jury is out on that one, but I am just a red neck that reads too much.
Regards,
Cooter
I agree. Global fiat 'money' supply has increased seven-fold since 1980. The drop in purchase value led to higher prices which they call economic growth.
OWS doesn't get it?
I think they get it. It doesn't require a position in the industry or fluency in its language to get it.
yeah, they get it...
the woman and i went to a general assembly for occupy________! we wanted to know what these guys were all about...and no, it wasnt about wealth redistribution...man, some of these trolls had me fooled...
they know the're on the tab for 14 trill+, and these kids dont feel they should be stuck paying it back...and they have no intention of doing so....
didnt see any tattooed faced, dreadlock wearin' smelly people either, lot of clean cut kids, and middleaged folks, too...
lotta vets, espeasally from the IAVA and VFW...
and, no, im not going to join them...i think they'll be made examples of what not to do...
this world is sucky...
stop being a pussy......or the world is going be a lot suckier.......this your last chance
yeah, ive seen it alot worse,
im doing my part, and im notbpunkin' out either...
im helpin' alot of people, feedin' em..
and,no this aint our last chance...
XIC, listen up ... OWS is just like the TP ... you can't rely on the media for the truth ... you have to go and see the people and judge for yourself. The TP rocked me with soul and sincerity. It was *nothing* like on the TV. The people were real. The speakers were storied, knowledgable, and saying what I felt deep down.
OWS will do on the left what the TP did on the right. We are all Americans with much more in common that in difference. That is what is happening, in my mind.
OWS will organize and engage in local politics (i.e. muni positions like school board, city council, and major and what not) with a touch of state drama thrown in as people with shared values are want to do. OWS will pick out national darlings like the TP did with Brown and many others. Cash will come out of know where along with volenteers who phone bank and do the grunt work required to get into office.
None of it will be pay rolled by the establishment, which is why OWS (and the TP) are on the media hit list.
In this environment, there is a great opportunity for leaders with backbone, courage, and discipline to step up and fill the leadership void. You don't need to burn shoe leather on the street to make a difference. Keep an ear on what they have going on and if you are so inclined, now is a great time to get into politics representing our great nation.
Just food for thought.
Regards,
Cooter
hi, cooter..
uh, i did.....
didnt you read the top of the tread were on, about three up from you.....?
Oh, I did, we just came to different conclusions given the same data ... sort of the classic "you are entitled to your opinion, but not your own facts" ... my comments, while in response, are for the broader audience here at ZH ... I think we are in agreement on values for the most part and I hope I don't come across as combative.
We seem to disagree on the official response for OWS. I did this shit show once with the TP already. The media raked the TP over the coals, but the local TP I was party to was just great folks. I think OWS will have this experience over all (by this I mean local OWS groups who share zip codes).
For friends and family that followed my move north, I keep a blog ... and I talked about this recently ...
http://allthefederales.blogspot.com/2011/10/left-right-vs-oligarchs.html
TPTB must tread carefully when trying to "bust down" these sorts of things. I think the horse is out of the barn and its all theatrics at this point. They can't control it anymore. See the French revolution if you don't follow what I am seeing.
I packed it up north because I accepted the outcome, on a five to ten year horizon, would be wide scale war, and a significant population collapse around the globe, as the system crashed and burned. I got as far away as I could and still keep a professional gig with plenty of nature to stock my freezer.
Folks gotta get on a boat and sail hundreds of miles to have a chance to bust my balls. I like that fox hole.
Regards,
Cooter
didnt mean to come off as combative....b.s.you love the fight club as much as i do..
im not going to get butthurt, this really good learning, here on ZH...
but thats why i call it gladiator school....
Heh, I didn't take you as combative. I was just havin' fun!
I like interesting ideas, particularly ones that make sense. ZH is sort of brain crack for me, I stick around because I keep learning neat stuff. ZH is a very unique and one must still sort the wheat from the chaff and realize that some posts are less than face value, even with guest posts.
Just know that the elite have lost control for all intents and purposes, OWS is going to go TP, and there will be a WWIII before the next election. Just my prediction and I am fool for making it, but I really think if there is not a full scale war by the next presidential they may end up with a disintegrating loss of political control on both sides. If that happens, white collar criminals will start going to jail and once this process starts it will overshoot and get ugly very fast. People are not as stupid as folks would pretend to think they are; just go to any OWS event and ask basic questions, listen, and come to your own conclusions.
The other options is that if the elite have not lost control then they planned to crash this fucker to begin with ... which means at any moment the plug gets pulled on stock/bond markets and what ever scripted event is planned gets played out.
Does anyone else see another outcome?
Regards,
Cooter
nope, except the masses can see them telegraphing thier move...TPTB are at a great disadvantage now....they should have never givin' the internet to the masses....
You two are like best friends in here now!
And yet, we're all stuck here--intent on making one another miserable as we huddle to our various "gods" of objectivities. We're not too far removed from the caves of prehistory, it seems. Maybe we need another few hundred thousand years to evolve. I guess this was sort of a nice attempt, but we're just not ready for anything truly advanced. We know not what we're capable of.
ive seen what we are capable of...
and its not going to be good...
tptb will stop at nothing to make sure they stay there..
and were going to see it, real soon.....
It could get real interesting as the public becomes more and more aligned with the occupy movement. General strikes will become easily doable. And then there's the MAD card of a bill paying strike and, if they refuse to get it, withdrawal of deposits. (Thanks for the inspiration, Hank!)
4% sounds about right.
TPTB really should get on board for some serious change, while they still have a chance. And beating people bloody ain't gonna do it.
That's passe in a situation like this.
Like Gonzalo said, Fuck it.
Sadly, WWIII is the only out for the elite. But I did that rant on another thread tonight. Kind of went overboard, but fuck it, its just ZH forums ...
http://www.zerohedge.com/contributed/arab-spring-counting-costs-and-oil-...
Regards,
Cooter
yeah, brother,
then you'll see how tptb roll, i would suggest some reading up on how they dealt with the wooblies, shot thier leaders and hung em, then had it covered up with suicides, rockefeller when he shot those miners in CO. ford shooting his workers, and the 'bonus army'.
if you want to win there is a way...non- violently with no protests...
remember, there one thing that that they want thats in danger now...
their legacies, rockefeller payed millions to fix his, buffet gave away his wealth, endowments?
think about it....
Please expand your thesis for my benefit; I am not seeing it.
I subscribe to the "elephant on a leash" theory which is more or less along the lines that you can train an elephant do do things, but you must also care for the elephant. At some level of abuse the elephant rebels and being so much massive crushes its "owner" with ease.
This has been the story throughout humanity. The systems that persist for extended periods of time have efficient means to co-opt or otherwise control the elephant. But a greedy trainer who abuses the elephant risks great personal harm.
What am I missing ... ?
Regards,
Cooter
hi, again, cooter..
its pretty self explanitory...if you fight them, your going to get hurt...
you attack thier legacies, they'll crumble, they always do...
PSYOPS in the military sense was used to save rockefellers legacy. he payed for it with real money.
in the information age, we found out what these guys were all about, how they run things, and why do you think greenspan is on the talk shows sayin' how wrong he was, how sorry he is. wheres the bushes, layin low...cheney, he cant even leave the country without fear on being arrested,
your weapon is the internet, show them how to stain their names....they'll break!
Gotcha.
Danny Hillis has a quite elegant method of saying this in ... bigger terms ...
http://www.wired.com/wired/archive//6.01/hillis.html?person=danny_hillis...
I guess we are about to find out what happens!
Regards,
Cooter
Incubus, by 2040 mankind will have the mathematical answer for any and every question posed on earth. The advent of the Quantum Computer is coming. Man will drive forward from 2040 to 2090 and become clinically immortal. The last vesitages of greed meaning who gets to be immortal first probably means 100 years afterwards before the entire
population can shift between energy and matter. We're lucky that on this planet we had the perfect conditions to evolve to get there. Cheer up mate!
We'll reach 5d circular management paradigm by 2,600 AD. Perhaps God will greet us and ask us what took so long ;) If not, time
will be immaterial so indefinate eons to create enough variance
to be content. I believe finite energy will be our only real limits. Perhaps that is currently God's problem too. Don't let the dreamer
in you die friend...
Pinky, prepare the hegemonic dysphonic kleptocracy eradication ray. For today we take over the world.
Pinky, are you pondering what I'm pondering?
I think so Brain but why would the Rothschild empire put on pantyhose and dance around a giant gold phalic representation of their wealth while chanting put it in now, put it in NOW!!!?!??!??
GOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVERGOLDSILVER
Sorry, I got excited.
Way to generous. Add the banks derivatives to this then get back to me. 4 Quad.
4 quad is all notional and they just all cancel each other out. Nothing to worry about here.
Until the one systematic bag holder who in the end, insured all that risk floats to the top, a la AIG last Lehman around.
And we know for sure that the banks have Less Capital than First Lehman around, and they are now more concentrated than First Lehman.
Whoopee!
Yeah, they cancel each other out as in The Null Fucking Solution Set.
I find it interesting from that map, that the Red countries are going to bail out the other Red countries. How is this possible ?
Printing Press !
Even Lenin couldn't dream that a backbone of the capitalist system would turn Red in such a fashion.
wow! Australia's debt!!! China's crash will blow their economy to hell
Zimbabwe.
Just think, you'll be rich!
Why, all alone you can be the Kochs, Gates and Buffett all rolled into one.
Big frog, little pond, but in the fucking Game Big Time.
(watch out for all the diseased hookers... cheap, but rotten)
i may have to rethink my plans on moving to NZ......based on this map, looks like its somewhere in Africa.....so i guess that is checkmate
In terms of real money, the debt is about 800,000 tons of gold.
From Wikipedia: "A total of 165,000 tonnes of gold have been mined in human history, as of 2009."
I'm sure someone will figure something out...
You know, that number was admittedly pulled out of the air by someone writing a pro-gold trade publication many years ago. Fabrication.
And as we know, records have always been so meticulously maintained and likewise, we do know for certain that everybody everywhere who claims ownership has real, tangible, good physical real Gold in Their Possession. Not funny pieces of paper, Wolfram Salted Bars.....
I do not doubt the scarcity of gold, and in fact believe that that all claimed by all parties is bullshit... not enuf to go around... Remember it was only 2 or so years ago that everybody was screaming about fails to deliver, the CRIMEX changed delivery rules to settle in cash and GLD shares... whatthefuckever.
And I fully anticipate that some day, for real, no problem it's gonna happen, that paper market will come up with a Big Time Shortage and then Physical or vaulted allocated inspected unencumbered will be the tickets.
Now that will be TRUE SCARCITY time.
But to be so precise as to an amount certain for all history?
I gots my doubts to that.
Little too arrogant in the assumptions... like Jim O'Neill's predilections.
.
Oh, on that note, I don't have any gold. Nothing. Nada. Not an ounce.
I just wanted to share that as I felt it was a great compliment to what you posted.
Regards,
Cooter
Paul O'Neil? Nope I like the guy. Why? Just ask!
according to Kyle Bass, those debt numbers are wrong and not reflexting real numbers.
check the countires.
Where are the blue states?
When it comes time for real responsibility, they refuse to be counted.
There, been waiting for that opportunity for years!
Come, Come Mr. Durden! We can grow our way out of this quadrillion debt & derivative bubble... juusst believe in Timmy Geithner!
http://www.aintmymedia.com/
Ch-Ch-Ch-Chia!
You know, if someone owes over a trillion dollars, only a moron would lend them more money.