Breakdown of world debt by country. According to the IMF, total debt is $63 trillion, and the US is responsible for nearly one third of that amount. https://goo.gl/tH8q54 pic.twitter.com/KT91B9EQEJ
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| Country | Code | For customers of |
|---|---|---|
| United States | 40404 | (any) |
| Canada | 21212 | (any) |
| United Kingdom | 86444 | Vodafone, Orange, 3, O2 |
| Brazil | 40404 | Nextel, TIM |
| Haiti | 40404 | Digicel, Voila |
| Ireland | 51210 | Vodafone, O2 |
| India | 53000 | Bharti Airtel, Videocon, Reliance |
| Indonesia | 89887 | AXIS, 3, Telkomsel, Indosat, XL Axiata |
| Italy | 4880804 | Wind |
| 3424486444 | Vodafone | |
| » See SMS short codes for other countries | ||
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Breakdown of world debt by country. According to the IMF, total debt is $63 trillion, and the US is responsible for nearly one third of that amount. https://goo.gl/tH8q54 pic.twitter.com/KT91B9EQEJ
I've never understood how the whole world can be in debt. Who is our creditor, Mars? I'd love someone to explain this to me. And please, speak as you might to a young child, or a golden retriever.
It's pretty simple. World debt is just the sum total of every country's individual debt (the total amount of money they have borrowed, plus interest, minus what they've paid back).
So is it the states debt, rather the sum total of the debts of the inhabitants?
I'm pretty sure it's the total debt of all residents. It includes household debt, private debt (of businesses), and public debt (the money that the government has borrowed from other countries, as well as what it has borrowed from itself).
This article sums it up pretty well: http://www.independent.co.uk/news/business/analysis-and-features/global-debt-crisis-explained-all-time-high-world-economy-causes-solutions-definition-a8143516.html …
Correction: the original diagram only shows debt owed by governments.
Thanks for the article. The last bit was interesting; it sounds as though our tax laws incentivise borrowing over ownership, effectively encouraging people to take on debt. Runs contrary to how I was brought up.
Yes, I've often heard that credit companies actually *want* you to be in debt, because they get credited with higher interest as a result, regardless of if you pay it back. This might explain why it's so easy to get a credit card even if you have a bad credit history.
Oh yeah, my bank will offer me a loan every time I speak to them, no matter what. I can understand people/companies/governments taking on debt for certain things (mortgages, temporary cash-flow issues). However, we appear to have forgotten how to live within our means.
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