The Economist: Global Debt Clock Now $42T And Ticking

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.

• Check out the Interactive Clock at The Economist

Comments

[LiberatedCitizen]

Why QE 3 is Guaranteed (the Alternative is Something Four Times Bigger than 2008)

http://www.zerohedge.com/article/why-qe-3-guaranteed-alternative-something-four-times-bigger-2008

[Patriot Games]

From NYPOST...

Seinfeld pulled out of the Sept. 13 event benefiting the St. Jude Children's Research Hospital because he disagrees with The Donald's questioning of Barack Obama's citizenship, his reps said.

"I just learned you canceled a show for my son's charity," Trump fired off in a scorching letter to Seinfeld yesterday, "because of the fact that I am being very aggressive with respect to President Obama, who is doing an absolutely terrible job as our leader."

"Celebrity Apprentice" star Trump piled on the insults, saying he wished he'd canceled his appearance on Seinfeld's "failed" NBC show, "The Marriage Ref."

"We don't care that you broke your commitment," he wrote, "even though the children of St. Jude are very disappointed, and despite the fact that your manager clearly stated you are 'truly a man of his word.'

"What I do feel badly about is that I agreed to do, and did, your failed show, 'The Marriage Ref,' even though I thought it was absolutely terrible . . . Despite its poor ratings, I didn't cancel on you like you canceled on my son and St. Jude. I only wish I did."

The letter ends with the kiss-off, "You should be ashamed of yourself!"

[DailyBail]

http://latimesblogs.latimes.com/washington/2011/04/ron-paul-is-not-a-birther.html

Ron Paul is stamped 'not a birther' by Chris Matthews

[DailyBail]

http://www.yomiuri.co.jp/dy/national/T110419004267.htm

Agency admits 'melting' of N-fuel

[DailyBail]

Plans for tough European rules on oil spills come under attack

http://www.guardian.co.uk/environment/2011/apr/19/european-oil-spill-rules-under-attack

[DailyBail]

Homeland Security Abandons Color-Coded Terror Alerts

http://www.newsmax.com/Newsfront/terror-alerts-HomelandSecurity-Napolitano/2011/04/20/id/393480?s=al&promo_code=C1E3-1

[john]

Oil Crisis Just Got Real: Sinopec (Read China) Cuts Off Oil Exports

http://www.zerohedge.com/article/oil-crisis-just-got-real-sinpoec-cuts-oil-exports

Not sure what gives here........ here is a link with their imports/exports (left column)...

http://www.chinaoilweb.com/

[DailyBail]

i don't think that means much because china is net importer of oil not exporter...i suppose it could hurt the few asian countries to whom china does export oil...

[Patriot Games]

Truth bomb was here!!

[bruce1337]

"After all, world governments owe the money to their own citizens, not to the Martians."

That's simply not true! They owe it to their bondholders, which happen to be mostly banks.

[TR]

I wonder how this will end.

http://www.freepress.org/departments/display/19/2011/4239

[TR]

OBAMA is a SISSY. SORRY, I mean REPUBLICAN.

http://www.guardian.co.uk/commentisfree/cifamerica/2011/jul/20/news-corp-phone-hacking