43,454,601,693,238 Reasons Why The World Is Broke - Presenting The Interactive Global Debt Clock

Tyler Durden's picture

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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zorba THE GREEK's picture

Chump change when you have a printing press.

I personally have more than that in Zimbabwe money.

Unprepared's picture

Global debt increased from 2.07 to 1.03 million tons of gold. Oh wait, that would be 'decreased'.

PaperWillBurn's picture

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,

 

 

CrazyCooter's picture

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

zorba THE GREEK's picture

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. 

CharlieSDT's picture

Why does it say US debt is only 8T?

Popo's picture

WHO DOES THE WORLD OWE ALL THIS MONEY TO?

(rhetorical question btw... just want to get the gears turning)

gojam's picture

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 -ries
1. (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
Cliff Claven Cheers's picture

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.

bigdumbnugly's picture

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.

DormRoom's picture

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

CrazyCooter's picture

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

TruthHunter's picture

"gin scented tears?"

In his final moment the old liar much more likely to smell burning sulfur.  Any drinks will boil rapidly away

cossack55's picture

You may only quote Orwell because you KNOW he was right. 

 

Engsoc

Amerisoc

Chisoc

Eurosoc

They all suck

legal eagle's picture

If only we had hard assets to show for all the debt spent. Like maxing out credit card on strippers.

CrazyCooter's picture

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

Mentaliusanything's picture

Hard assets ? according to Ben

Thats "Transitory"

eureka's picture

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: "....

UP Forester's picture

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.?

knukles's picture

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)

CrazyCooter's picture

<suddenly has a sense of serenity and wanders off>

Regards,

Cooter

Dugald's picture

Iddybidy umdum deeeleedle iddldiddle dum....

Ahmeexnal's picture

yeah, all those extra zeroes sure make toilet paper fluffier.

Denver768's picture

Tick, tick, tick....

UP Forester's picture

The sound of Bathtub Buffett's tub when no plumber will touch his faucet?

Burnbright's picture

"Have fun funding that"

 

Don't they already?

Incubus's picture

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.

knukles's picture

wooo owww oooowwww wooo owww owwwwwwww
it's not bullshit...............     hisssssssssssssss

Bansters-in-my- feces's picture

And the Rothscilds smile...;0)

reader2010's picture

Long Africa, where the WWIII will be fought. 

UP Forester's picture

Will it be with Eastasia or Oceania?

Dugald's picture

Long Africa, where the WWIII will be fought

 

Ahhhh shit! I just hate snakes et al.,.....,

slewie the pi-rat's picture

i'd like to start a bar tab, please...

CrazyCooter's picture

<I'm drinking with Slewie>

Regards,

Cooter

nmewn's picture

We're gonna need a bigger table.

lunaticfringe's picture

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!

X.inf.capt's picture

thats a f'in number...

oh well,

maybe ill start drinkin' again...

 

wandstrasse's picture

The good news is: We won the war against the future! Overwhelming victory!

knukles's picture

Hooray!
The past is safe, paesantry!
All hail!

Unprepared's picture

The global debt doubled in a space of 10 years (2001-2011): is this the definition of exponential growth ?

wandstrasse's picture

it is the definition of a wet dream for those who can claim the collateral demanded against their debt-fiat-confetti.

CrazyCooter's picture

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

silverbullion's picture

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. 

Bob's picture

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. 

X.inf.capt's picture

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...