Global debt hits all-time high of $184,000,000,000,000

Each person alive today owes on average $86,000 (£69,000) according to the International Monetary Fund (IMF) who estimate total global debt totals 184 trillion dollars. Britain's national debt, that excludes household and corporate debt, stands at £1,780 billion quid which according to my calculator means every Briton's share is £26,000 each. These figures are so huge and abstract that they're rarely discussed. Who's the major creditors for this sea of debt, does anyone know?

Debt Worldwide Hits Record $184 Trillion, or $86,000 Per Person: https://www.bloomberg.com/news/artic...000-per-person

Global debt hits all-time high of $184,000,000,000,000: https://www.rt.com/business/446526-g...t-hits-record/

What a load of crap, they owe me, for all the bullshit taxes they've ripped me off for 40 years, with fake global warming crap, eat shit deep state tw@ts

I'll need to check, but I'm sure I read recently that it cost the UK £52 billion this year servicing the national debt. That would be £16 billion more than what was spent on the entire defence budget.

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Originally Posted by Organ Morgan.

I'll need to check, but I'm sure I read recently that it cost the UK £52 billion this year servicing the national debt. That would be £16 billion more than what was spent on the entire defence budget.

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I am neither of the left wing nor the right but I do sometimes wonder about many people railing against so-called 'austerity' measures without taking into account rising national debt too.

Yeah, no-one expects the principal owed to be paid. They, the creditors (whomever they are), are content to collect the interest on what they lent. Spending £16 billion more on that than defending the nation seems alarming, but is it? It can't be for the government for while they preach austerity at home, this year it gave away £13.4 billion in Overseas Aid. Some context for that £13.4 billion: it is over four times the £3.2 billion it cost to to run the entire British prison estate in 2017, and less than £1 billion of that £13.4 billion would pay the annual wages of the 21,000 police officers who have been discarded over the last decade, the same officers who the country was supposedly unable to afford.

Looking at the official data, there isn't a country worldwide that isn't in debt. Qatar, Kuwait, Saudi Arabia, etc, moneybags countries one and all carry vast sums in public debt.

I asked in the opening post who are the creditors? Anyone care to guess?

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Originally Posted by Taunton Blue Genie

I am neither of the left wing nor the right but I do sometimes wonder about many people railing against so-called 'austerity' measures without taking into account rising national debt too.

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There are enough studies showing that austerity is harmful for an economy, in fact, the PM claims that she has ended it.

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Originally Posted by Taunton Blue Genie

I am neither of the left wing nor the right but I do sometimes wonder about many people railing against so-called 'austerity' measures without taking into account rising national debt too.

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The economic arguments used to justify austerity were facile for instance by comparing a countries economy to a household budget.

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Originally Posted by Eric Cartman

The economic arguments used to justify austerity were facile for instance by comparing a countries economy to a household budget.

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Surely austerity of some description was required to counter the ever-rising national debt regardless of which party is in power. I would not align myself with either the Conservatives or the Labour party, by the way.

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Originally Posted by Taunton Blue Genie

Surely austerity of some description was required to counter the ever-rising national debt regardless of which party is in power. I would not align myself with either the Conservatives or the Labour party, by the way.

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Well austerity was sold to the public as cutting waste. I agree with should be doing that but when you look back at what has been cut it is clear that this wasn't the motivation.

The deficit became unmanageable because of a contraction in the economy and not, as it is claimed, we were spending too much. Labour made the mistake of not being honest about the cost of implementing their programme.

I suppose if I was to use my very own facile, but more appropriate, household budget comparison. If you had your hours cut at work a reasonable reaction would be to stop eating expensive food (cut waste) and maybe retrain in order to look for full time work (invest in growth). It wouldn't be a good idea to stop eating entirely or get rid of your car - that isn't cutting waste and it will harm your chances of 'recovery'.

All this global debt stuff is just a viewpoint , it's not actual money its a projection, based on a unsubstantiated set of figures and guess ,on what planet would any business or government really reveal what their real values are, that would make them the worst poker player ever.

The reality is far removed from posts like this,which are purely soundbites positioned for ones political gain and view .

The World debt figure is produced by the International Monetary Fund. The British public debt figure is courtesy of the Office for National Statistics. It's not like you to question officialdom. Or is it you prefer to... see picture.


https://www.zerohedge.com/sites/defa...?itok=N7EfKDpv

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Originally Posted by Organ Morgan.

The World debt figure is produced by the International Monetary Fund. The British public debt figure is courtesy of the Office for National Statistics. It's not like you to question officialdom. Or is it you prefer to... see picture.


https://www.zerohedge.com/sites/defa...?itok=N7EfKDpv

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I repeat (All this global debt stuff is just a viewpoint , it's not actual money its a projection) .

I love the fact everyone enjoys the outputs of globalization and hates it as well ,the whole anti western thing is hypnotic ,where one see's folk typing away on the devices and PC's ,using mobile phones , driving nice cars , watching premium paid TV ,watching footballers earn weekly as much as some do in a year , yep, we are all wallowing in the fat of the system , provided by the evil empire of capitalism /globalization /american influences ( not forgetting those nasty Israelis, I'm sure there involved in some evil plot or the route of all our problems ).

Surely there is an island where one could escape too , it would greatly assist with the stress of having to worry and type about all this dreadful world we live in, its not helping ones health having to worry so .

Now that is a real head in the sand moment

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Originally Posted by life on mars

I repeat (All this global debt stuff is just a viewpoint , it's not actual money its a projection)

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You are saying the UK national debt is a projection? Can you explain what you mean?

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Originally Posted by life on mars

I repeat (All this global debt stuff is just a viewpoint , it's not actual money its a projection) .

I love the fact everyone enjoys the outputs of globalization and hates it as well ,the whole anti western thing is hypnotic ,where one see's folk typing away on the devices and PC's ,using mobile phones , driving nice cars , watching premium paid TV ,watching footballers earn weekly as much as some do in a year , yep, we are all wallowing in the fat of the system , provided by the evil empire of capitalism /globalization /american influences ( not forgetting those nasty Israelis, I'm sure there involved in some evil plot or the route of all our problems ).

Surely there is an island where one could escape too , it would greatly assist with the stress of having to worry and type about all this dreadful world we live in, its not helping ones health having to worry so .

Now that is a real head in the sand moment

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You were correct with 'it's not actual money' but not for the reason you stated.

Money makes the world go round, someone once said. It's really been oil for a very long time. The most important commodity by a light year. The price of WTI crude oil has declined 10% in the past two days and has fallen 38% in 11 weeks. It's always a leading indicator for good or bad times ahead.

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Originally Posted by Eric Cartman

You are saying the UK national debt is a projection? Can you explain what you mean?

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Well people look at trends and analysis and predict , the deficit is the difference between government's income and spending, however there as so many other factors to consider that probably dont get revealed and never will , debt is confusing government's liquid assets have to be considered and some of them we will never know about ,you then have the deficit whcih is the balance of what the government spends or receives ,putting it in surplus or not .

Then you have the undeclared economy .

Hey why am I telling you this you know anyway and I'm sure your about to tell me more or boringly ask me to explain myself so you pick away at it behind your keyboard .

Hope you it make it to the game Saturday its a biggy , its sure to be fun on this footy board leading up to it and after ,with many footy like comments ,there is a world of fun out there .

Elements of the black economy (prostitution, illegal drugs, etc) have been included in the UK's GDP figure for the past several years. Why? To comply with EU rules, of course.

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Originally Posted by life on mars

Well people look at trends and analysis and predict , the deficit is the difference between government's income and spending, however there as so many other factors to consider that probably dont get revealed and never will , debt is confusing government's liquid assets have to be considered and some of them we will never know about ,you then have the deficit whcih is the balance of what the government spends or receives ,putting it in surplus or not .

Then you have the undeclared economy .

Hey why am I telling you this you know anyway and I'm sure your about to tell me more or boringly ask me to explain myself so you pick away at it behind your keyboard .

Hope you it make it to the game Saturday its a biggy , its sure to be fun on this footy board leading up to it and after ,with many footy like comments ,there is a world of fun out there .

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Why do you get so defensive?

You have done quite a good job of explaining what a projection is but not why the national debt is a projection. It specifically doesn't include future liabilities like pensions as far as I am aware and is simply a record of what we already owe.

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government's liquid assets have to be considered and some of them we will never know about

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Really struggling with this bit tbh. What type of things are you referring to?

The big question this at this time of year is whether Organ Morgan will find a Bitcoin in his Christmas pud.

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Originally Posted by Taunton Blue Genie

I am neither of the left wing nor the right but I do sometimes wonder about many people railing against so-called 'austerity' measures without taking into account rising national debt too.

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I'm all for austerity as a tool for servicing our national debt as long as those who have the most, pay their share.

Sadly, austerity has meant that people too ill to work have been found fit for work by private companies whose job it is to cut the numbers on disability benefits, then found dead.

Austerity has resulted in the bedroom tax, where people with spare bedrooms are told to move to smaller dwellings to free up larger housing for those who need it. Sadly, the number of smaller accommodations available is massively less than required, meaning people can't move to smaller places and are forced to pay the bedroom tax.

Austerity has resulted in zero-hours contracts being more widely given. The ONS has recently said that anyone working one hour per fortnight on these contracts is classed as employed. It gives the illusion that less people are unemployed, though people are being forced into jobs on these contracts or JSA will be stopped, yet many have been made worse off by zero hours contracts that pay less than JSA.

Ok, that might all be fair enough in the name of austerity, so let's have a look at the other end of the rectum.

Income tax for the highest earners cut. There is an argument that if high earners aren't forced to pay too much, they'll be less inclined to avoid tax. Try doing that if you're earning a low wage. Whether the tax cut is successful in retrieving more tax is open to debate. For me, the likelihood is that it isn't. If you can dodge tax, you will regardless of your income tax level.

That leads nicely to tax evasion and avoidance. This costs the economy far more than benefit fraud and overseas aid, and is worth significantly more the exchequer than the paltry amounts saved by screwing the disabled and unemployed. What is Britain doing to rectify this? Reducing HMRC staff so less are able to moniter and chase those guilty. Appealing to the EU to make Britain exempt from EU legislation on tax avoidance, progressing to potentially leaving the EU to avoid this legislation.

In short, austerity has been specifically designed to screw the worst off in this country while allowing the most wealthy to make even more money and avoid tax.

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Originally Posted by Eric the Half a Bee

I'm all for austerity as a tool for servicing our national debt as long as those who have the most, pay their share.

Sadly, austerity has meant that people too ill to work have been found fit for work by private companies whose job it is to cut the numbers on disability benefits, then found dead.

Austerity has resulted in the bedroom tax, where people with spare bedrooms are told to move to smaller dwellings to free up larger housing for those who need it. Sadly, the number of smaller accommodations available is massively less than required, meaning people can't move to smaller places and are forced to pay the bedroom tax.

Austerity has resulted in zero-hours contracts being more widely given. The ONS has recently said that anyone working one hour per fortnight on these contracts is classed as employed. It gives the illusion that less people are unemployed, though people are being forced into jobs on these contracts or JSA will be stopped, yet many have been made worse off by zero hours contracts that pay less than JSA.

Ok, that might all be fair enough in the name of austerity, so let's have a look at the other end of the rectum.

Income tax for the highest earners cut. There is an argument that if high earners aren't forced to pay too much, they'll be less inclined to avoid tax. Try doing that if you're earning a low wage. Whether the tax cut is successful in retrieving more tax is open to debate. For me, the likelihood is that it isn't. If you can dodge tax, you will regardless of your income tax level.

That leads nicely to tax evasion and avoidance. This costs the economy far more than benefit fraud and overseas aid, and is worth significantly more the exchequer than the paltry amounts saved by screwing the disabled and unemployed. What is Britain doing to rectify this? Reducing HMRC staff so less are able to moniter and chase those guilty. Appealing to the EU to make Britain exempt from EU legislation on tax avoidance, progressing to potentially leaving the EU to avoid this legislation.

In short, austerity has been specifically designed to screw the worst off in this country while allowing the most wealthy to make even more money and avoid tax.

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Rather you than me.

UK national debt number is a little misleading. It's at its highest in pounds and pence but set against GDP at 85% it's no big deal as it's been much higher in the past (237% in 1946). The Yanks' is 108% and their spending continues to increase faster than Obama could manage and he doubled their debt in absolute terms over his 8 years. Actually, their debt has doubled every 8 years since 1980.

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Originally Posted by Taunton Blue Genie

The big question this at this time of year is whether Organ Morgan will find a Bitcoin in his Christmas pud.

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Don't own any Bitcoin. Never have, never will. I note it's up 10% today and up 25% in under a week. A dead cat bounce, or the start of a sustained rally? All the major stock indices are now red year to date, oil price has fallen off a cliff of late and Deutsche Bank is at another all-time low. Returning to stock markets, American ones are having their worst 4th quarter for decades and worst December thus far since 1931 during the depths of the Great Depression. Is it a temporary wobble or the beginning of a monster crash immediately ahead?

http://www.ccmb.co.uk/images/smiley_...assherlock.gif

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Originally Posted by Organ Morgan.

Don't own any Bitcoin. Never have, never will. I note it's up 10% today and up 25% in under a week. A dead cat bounce, or the start of a sustained rally? All the major stock indices are now red year to date, oil price has fallen off a cliff of late and Deutsche Bank is at another all-time low. Returning to stock markets, American ones are having their worst 4th quarter for decades and worst December thus far since 1931 during the depths of the Great Depression. Is it a temporary wobble or the beginning of a monster crash immediately ahead?

http://www.ccmb.co.uk/images/smiley_...assherlock.gif

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You obviously seem incredibly knowledgable about such things (and I always find your posts of interest) but this is how I always see you in my mind's eye:
Attachment 2793

Or this:

https://www.youtube.com/watch?v=sxqvwkmTNy8