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Date: 10/21/12 02:28 PM

36 Responses to 10 Most Indebted Countries

  1. Profile photo of kitteh9lives
    kitteh9lives Female 70 & Over
    8033 posts
    October 21, 2012 at 10:31 am
    Link: 10 Most Indebted Countries - 10 countries with the highest levels of public debt on the planet.
  2. Profile photo of ScottSerious
    ScottSerious Male 18-29
    5316 posts
    October 21, 2012 at 2:34 pm
    Click Me

    There, I saved you some time. Just watch them all there.
  3. Profile photo of Arcval
    Arcval Male 18-29
    304 posts
    October 21, 2012 at 2:47 pm
    Japan is number one because of the 2011 earthquake/tsunami/volcano disaster. Their debt before that wouldn`t have made this list.
  4. Profile photo of lukeforv123
    lukeforv123 Male 18-29
    1053 posts
    October 21, 2012 at 2:49 pm
    I kept waiting for the U.S., and we never came. What a day
  5. Profile photo of MacGuffin
    MacGuffin Female 30-39
    2602 posts
    October 21, 2012 at 3:43 pm
    IAB videos that should have been a graphic #502:

  6. Profile photo of ferdyfred
    ferdyfred Male 40-49
    13602 posts
    October 21, 2012 at 4:05 pm
    Who does the world owe all its damn debt to?
    Every country nigh on are in debt, but to who?
    God?
  7. Profile photo of cobrakiller
    cobrakiller Male 18-29
    7426 posts
    October 21, 2012 at 4:05 pm
    give them a few years to make up for the Natural disasters, and Japan will be fine.
  8. Profile photo of cobrakiller
    cobrakiller Male 18-29
    7426 posts
    October 21, 2012 at 4:06 pm
    ferdyfred, Corporations?
  9. Profile photo of MacGuffin
    MacGuffin Female 30-39
    2602 posts
    October 21, 2012 at 4:28 pm
    Who does the world owe all its damn debt to? Every country nigh on are in debt, but to who? God?

    You`ve heard of the 1 percent? That`s who. Economics is about owning an asset through which some of the money that`s in circulation gets channeled. But more than that, it`s about ensuring that enough of the 99 percent have the right balance of income and outgoings to be able to add to the ebb and flow that causes that money in circulation to move around. Get it wrong and you end up somewhere on a spectrum between being the player at the end of a game of Monopoly that holds all the cards but has nobody left to play with, to being on the receiving end of Proletarian anger like in the French Revolution. Make half a screw up, and you end up where the US was during the Great Depression, or where most of Europe and North America is now, with huge defecits and no means to pay. Historically, that`s only ever led to one outcome: war.
  10. Profile photo of malikymoo
    malikymoo Female 18-29
    2029 posts
    October 21, 2012 at 5:00 pm
    thanks macguffinn. saw as i saw its a video i thought they could of saved time by making this a graph..
  11. Profile photo of madest
    madest Male 40-49
    7379 posts
    October 21, 2012 at 5:17 pm
    There you go republicans. America`s not even in the top ten. I know you were expecting it.
  12. Profile photo of dang007
    dang007 Male 30-39
    596 posts
    October 21, 2012 at 5:55 pm
    @madest

    SEems someone at the IMF didn`t do the math. Or the figures are out of date. The current US debt is ~16.020 T while the GDP in 2011 was 15.090T ratio of 107% just like Portugal. Seems US might be 8 or 9th on this list.

    Facts suck.
  13. Profile photo of goaliejerry
    goaliejerry Male 30-39
    4019 posts
    October 21, 2012 at 7:19 pm
    dang007 - your back of the envelope calculations notwithstanding, something tells me the IMF knows how to calculate them some numbers about economys. I just somehow doubt they didn`t doublecheck their math, but hey? Write them a letter and point out their error, they`ll probably smack their foreheads and say "doh!", break out their erasers, and correct their list.
  14. Profile photo of AntEconomist
    AntEconomist Male 40-49
    339 posts
    October 21, 2012 at 7:31 pm
    @goaliejerry: IMF is only reporting public debt. That means (in the US`s case) IMF is ignoring the money the government has borrowed from the Social Security trust fund (called intergovernmental debt). You can only exclude that debt only if you`re willing to admit that the government will never pay the money back. Include the intergovernmental debt and our debt is over 100% of GDP. To be fair, we should include state and local debt as well since the same GDP is the basis for paying off that debt. That puts us our combined governmental debt north of 130% of GDP.
  15. Profile photo of AntEconomist
    AntEconomist Male 40-49
    339 posts
    October 21, 2012 at 7:33 pm
    PS: There`s another category -- unfunded obligations -- that is retirement and medicare/medicaid money the government has promised to pay to current and future retirees that, net of expected future tax revenues, it does not have. Include that and total governmental debt and unfunded obligations in the US is more than 600% of GDP.
  16. Profile photo of Angelmassb
    Angelmassb Male 18-29
    15511 posts
    October 21, 2012 at 8:09 pm
    I blame Sony
  17. Profile photo of OldOllie
    OldOllie Male 60-69
    15844 posts
    October 21, 2012 at 8:11 pm
    There you go republicans. America`s not even in the top ten. I know you were expecting it.
    No, I wasn`t, but you can`t deny we`re heading in that direction a lot faster now than we were 6 years ago before the Democrats took over Congress.
  18. Profile photo of intrigid
    intrigid Male 18-29
    914 posts
    October 21, 2012 at 8:16 pm
    Why are we paying attention to the international mafia fund?
  19. Profile photo of Daegog
    Daegog Male 30-39
    1301 posts
    October 21, 2012 at 8:52 pm
    countries in debt to banks.. what a shock.. when will the world learn to break these silly banks and take money back from the moneychangers...

    Ya know, even JESUS was mad at the bankers and jesus loved everyone.. except the bankers :P
  20. Profile photo of AvatarJohn
    AvatarJohn Male 30-39
    1059 posts
    October 21, 2012 at 9:43 pm
    It`s not accurate anymore. Our public debt is now 107% of GDP, thanks to Democrats and the Obama regime. So we are in the top 10 now.
  21. Profile photo of rgu3t0
    rgu3t0 Male 18-29
    79 posts
    October 21, 2012 at 11:13 pm
    @avatarjohn
    it`s actually at 102%...typical republican being over dramatic and exaggerating information...
  22. Profile photo of Bakcagain21
    Bakcagain21 Male 18-29
    560 posts
    October 22, 2012 at 12:59 am
    @arcyal & @cobrakiller
    Japan has had high public debt for yearsJapanese debt history It`s actually gone down a little since the Earthquake etc The reason Japan is ok is it`s debt is held by it`s own people and funds which is a big difference to external countries having your debt pile. Japan is never likely to get out of it`s debt pile as it`s had stagnant growth for over a decade it`ll just keep getting bigger it`s quite interesting to read up on it`s history, as it`s likely going to be where most of the West ends up IMO
  23. Profile photo of RobSwindol
    RobSwindol Male 30-39
    2508 posts
    October 22, 2012 at 4:19 am
    I`m thinking these people don`t know what debt really is.

    A country with $200 billion in debt is more in debt than a country with $4 billion in debt, regardless of what their GDP is. That`s like saying that a person who owes $190,000 is in less debt than a person who owes $100,000 simply because the first person makes twice as much money. That just doesn`t stand to reason.
  24. Profile photo of sharpydufc
    sharpydufc Male 18-29
    89 posts
    October 22, 2012 at 5:05 am
    @avatarjohn.

    20% of US budget is on military spending. between 110-430 billion is for interest on money borrowed for wars in iraq and afghanistan and 707 billion is still being spent on wars still being fought in thous countries. So between 800 billion to 1 trillion US is being spent on killing people which are/were no threat to the US.

    If you want to point fingers at who messed up the "economy" in a global crisis there might need to be some soul searching from the republicans.

    maybe that money could have been better spent... like i dont know free healthcare for poor people?
  25. Profile photo of DromEd
    DromEd Male 40-49
    1850 posts
    October 22, 2012 at 6:21 am
    Great logic madest! There are at least 10 countries that are worse off and or dumber than we are so that makes our 104.8% debt OK.
  26. Profile photo of pumba62
    pumba62 Male 40-49
    1018 posts
    October 22, 2012 at 6:42 am
    LMAO I read that title as " 10 most inbred countries"
  27. Profile photo of DromEd
    DromEd Male 40-49
    1850 posts
    October 22, 2012 at 6:43 am
    sharpydufc...

    You`re indicating that all that money is spent on war. The security budget for 1012 was 868 billion...about 22% of the budget. A large number to be sure. But that includes FBI, CIA and other intelligence agencies. So it`s not like if we stop all the fighting the number magically drops to almost nothing. Maintaining an adequate defense in even in times of peace still costs a boatload of dough and it is actually mandated in the constitution.

    I`m tired of all the fighting too but I ain`t naive enough to think it`s the main cause of our financial woes. Entitlements are the real problem. In 1012 they were 2477 billion. Total revenue to the treasury was 2469. Security and non security spending together were 1318 billion....about 53% of revenue collected. Now which chunk of government spending seems the most out of control?
  28. Profile photo of DromEd
    DromEd Male 40-49
    1850 posts
    October 22, 2012 at 6:53 am
    Ooops...that`s 2012 not 1012. That would have really been a lot of money back then wouldn`t it?
  29. Profile photo of sharpydufc
    sharpydufc Male 18-29
    89 posts
    October 22, 2012 at 8:07 am
    So of a US military budget of 929 billion, 48 billion is for homeland security (FBI / CIA etc.).5% roughly. DOD budget was 740 billion at least 534 billion is supplemental for wars. debt interest for defense spending was 454 billion. not all attributed to wars but well quite a lot.

    (also non defense budgetary spending is around 660 billion for federal government services).

    medicare cost 523 billion. and social security was 723 billion vs 781 billion collected in taxes. a 68 billion surplus/profit.

    altogether war spending (or blowing up foreign people) and social security services for the weakest across 500 million people are about the same. I know which one id rather spend taxes on with a clear conscious.

    http://en.wikipedia.org/wiki/United_States_federal_budget
  30. Profile photo of DromEd
    DromEd Male 40-49
    1850 posts
    October 22, 2012 at 9:58 am
    Maybe you should get your numbers from the federal budget and not wikipedia.
  31. Profile photo of Fwoggie2
    Fwoggie2 Male 30-39
    1803 posts
    October 22, 2012 at 10:04 am
    I knew Japan would be top - it`s trying to beat the global depression by borrowing its way out of trouble to keep its work force employed. It just transfers the problem onto the next generation - every kid born in Japan starts off $100,000 USD in debt effectively. It`s been made far worse by the cost of repairs post tsunami.

    Really surprised the UK isn`t on that list.
  32. Profile photo of comp_wizard
    comp_wizard Male 18-29
    194 posts
    October 22, 2012 at 3:52 pm
    Social security and medicare are unusual cases because they are NOT funded directly out of the federal budget. The money for them comes ultimately from the money that workers pay into the system via dedicated payroll taxes--it`s basically a retirement savings annuity that you`re required to buy into and can`t lose money on when the stock market crashes. Financially, the only problem with the system is that it`s losing money because people are living too long and spending too much on vain attempts to live even longer once they start dying of cancer or the like. Those issues need to be addressed, but they have nothing to do with the national debt.
  33. Profile photo of syke22
    syke22 Male 18-29
    1136 posts
    October 22, 2012 at 4:00 pm
    I thought that said "inbred" not "indebted"
    Very different things
  34. Profile photo of Butters420
    Butters420 Male 18-29
    37 posts
    October 22, 2012 at 4:09 pm
    this list is bogus
  35. Profile photo of Wibble4321
    Wibble4321 Male 40-49
    405 posts
    October 22, 2012 at 4:43 pm
    @RobSwindol, You are right but not in any sense that anyone cares about. The absolute level of debt is largely irrelevant. It has no economic interest in isolation. What matters in economics is the ability to service debt, which is measured by debt to earnings ratio - which in sovereign debt is GDP. No-one cares if the US has more borrowing than Greece, they do care if it has better prospects to pay down that debt than Greece does.

    I guess a simple analogy might be with cars. Yes, which car has more horsepower is an interesting fact, but without knowing how much the car weighs you have a pretty hard time deciding which is going to be faster. A lorry/truck has far more horsepower than a Ferrari but that is a rather meaningless statistic in isolation...
  36. Profile photo of Draculya
    Draculya Male 40-49
    14544 posts
    October 22, 2012 at 10:05 pm
    wibble4321 I have spent much of my working life dealing with corporate and quasi-public debt.

    I would look at liability service coverage ratio based on the ability to pay service obligations of debt and all liabilities including social liabilities and committed subsidies from the maximum effective revenue that can be derived from taxing recurring sources of government revenue and disposal of publicly held assets. In considering this equation, you must consider the ability of the people and corporations to bear the raising of taxes and the strength of the government`s grip on power. It`s not a simple consideration capable of being measured with one simple metric.

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