quote:

Originally posted by Lira I know we do pay the interest rates... and Argentina's economic turmoil was caused partially because they said they wouldn't pay a dime.

so as long as the governments continue to pay interest rates, they can continue borrowing to feed their economies?

quote:

Originally posted by apostrophe where's all the borrowed money come from?

It comes from nowhere. Many countries have completely abandoned the gold standard and that so-called money is just promises that say "oh.. we'll pay it off someday".

It is natural inflation.

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Originally posted by Lira Xeno, where did you get these numbers from, by the way? Here are external debts only from the CIA Factbook. 1 World $ 12,700,000,000,000 2004 est. 2 United Kingdom $ 4,710,000,000,000 2003 3 United States $ 1,400,000,000,000 2001 est. 4 Italy $ 913,900,000,000 2004 est. 5 Spain $ 771,100,000,000 2004 est. 6 Canada $ 570,000,000,000 2004 7 Australia $ 308,700,000,000 3rd quarter, 2004 est. 8 Portugal $ 274,700,000,000 2004 est. 9 China $ 233,300,000,000 3rd quarter 2004 est. 10 Brazil $ 219,800,000,000 2004 est. 11 Russia $ 169,600,000,000 2004 est. 12 Korea, South $ 160,000,000,000 2004 est. 13 Argentina $ 157,700,000,000 2004 est. 14 Mexico $ 149,900,000,000 2004 est. 15 Indonesia $ 141,500,000,000 2004 est. 16 Iraq $ 125,000,000,000 2004 est. 17 India $ 117,200,000,000 2004 est. 18 Poland $ 99,150,000,000 2004 est. 19 Israel $ 74,460,000,000 2004 est. 20 Greece $ 67,230,000,000 2004 est. Extra reading material on national debt

I found it on here:

http://www.aneki.com/debt.html



It also states this on the site:
Richest Countries in the World
Rank Country GDP - per capita
1 Luxembourg $ 55,100
2 Norway $ 37,800
3 United States $ 37,800
4 San Marino $ 34,600
5 Switzerland $ 32,700
6 Denmark $ 31,100
7 Iceland $ 30,900
8 Austria $ 30,000
9 Canada $ 29,800
10 Ireland $ 29,600

http://www.aneki.com/richest.html

Though, It must not correct. i checked it out on www.cia.gov & got this:

Rank Country GDP - per capita Date of Information
1 Luxembourg $ 58,900 2004 est.
2 United States $ 40,100 2004 est.
3 Guernsey $ 40,000 2003 est.
4 Norway $ 40,000 2004 est.
5 Jersey $ 40,000 2003 est.
6 British Virgin Islands $ 38,500 2004 est.
7 Bermuda $ 36,000 2003 est.
8 San Marino $ 34,600 2001 est.
9 Hong Kong $ 34,200 2004 est.
10 Switzerland $ 33,800 2004 est

bit of a difference.


Ill update my initial post with those figures. cheers.

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That Aneki site looks interesting nonetheless, Xeno

quote:

Originally posted by apostrophe so as long as the governments continue to pay interest rates, they can continue borrowing to feed their economies?

That's what seems to be happening... I'm sure someone who actually knows economy could give a much better explanation

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This is interesting. The US & the UK are right up there in the highest debts.

Say there are 5 million people (5,000,000) in a country. & they all have mortgages that are about one hundred thousand each ($100,000). Then the total debt in that country will be 5 trillion($5,000,000,000,000). This is a managable debt because if it were the U.S. the average person earns roughly $37,000 a year.

Compare this to a 3rd world country that has a crippling debt; where they can not afford to repay their homeloans/debts.

Check out the GDP rankings:

http://www.photius.com/rankings/economy/gdp_2004_0.html

http://www.worldfactsandfigures.com...ountry_desc.php

A poor country-
Somalia has $400 GDP per capita; The population is 1 million approx; The external debt is 3 billion ($3,000,000,000).


So a countries external debt is no way to gauge the quality of life in a country; though the 'GDP per capita' is. I had the mind set that there was a relationship between the foreign debt & the quality of life.

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quote:

Originally posted by apostrophe so as long as the governments continue to pay interest rates, they can continue borrowing to feed their economies?

Pretty much. The reason why the US can continue spending in the red despite twin deficits is because the US retains remarkable resilience in the bond market. US tressuries are still the "flight to quality" securities due to a number of economic factors in the US and the EU. As for the question of where does the money come from, it comes from the private sector/governments.

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Originally posted by Lira 1 World $ 12,700,000,000,000 2004 est.

Jeez, who forgot to pay E.T. and Marvin?

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quote:

Originally posted by Xenocreator_PG_ Rank Country National Debt 1 Brazil $232,004,000,000 2 Russia $183,601,000,000 3 Mexico $159,959,000,000 4 China $154,599,000,000 5 Indonesia $150,875,000,000 6 Argenina $144,050,000,000 7 South Korea $139,097,000,000 8 Turkey $102,074,000,000 9 India $98,232,000,000 10 Thailand $86,172,000,000 ^these are huge numbers!!! How can a country with over $100,000,000,000 ever pay it off? I wonder what the interest is on such a debt??! Even in 500 years, it is not achievable (eg: It is not possible for a countries govenment to generate $200,000,000 a year to repay foreign debt). Discuss. *Update* Here are external debts only from the CIA Factbook. 1 World $ 12,700,000,000,000 2004 est. 2 United Kingdom $ 4,710,000,000,000 2003 3 United States $ 1,400,000,000,000 2001 est. 4 Italy $ 913,900,000,000 2004 est. 5 Spain $ 771,100,000,000 2004 est. 6 Canada $ 570,000,000,000 2004 7 Australia $ 308,700,000,000 3rd quarter, 2004 est. 8 Portugal $ 274,700,000,000 2004 est. 9 China $ 233,300,000,000 3rd quarter 2004 est. 10 Brazil $ 219,800,000,000 2004 est. 11 Russia $ 169,600,000,000 2004 est. 12 Korea, South $ 160,000,000,000 2004 est. 13 Argentina $ 157,700,000,000 2004 est. 14 Mexico $ 149,900,000,000 2004 est. 15 Indonesia $ 141,500,000,000 2004 est. 16 Iraq $ 125,000,000,000 2004 est. 17 India $ 117,200,000,000 2004 est. 18 Poland $ 99,150,000,000 2004 est. 19 Israel $ 74,460,000,000 2004 est. 20 Greece $ 67,230,000,000 2004 est.

I wish they'd hurry up and pay me back!

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Originally posted by DJ Mikey Mike Social outcasts are often of the opinion that they must have a drink before being able to loosen up with their inhibitions, thus being able to have a good time. There's a word that sums up this sort of behaviour, and that word is 'reject.'

quote:

Originally posted by Lira Well, it all started with Portugal, in our case. When we became independent, Portugal owed loads and loads of money to England and decided to present us with their debts. A funny thing is that Brazil was a kingdom and the soon-to-be-emperor decided it was time for independence even though he was Portuguese himself. Go figure. Time passed and we couldn't pay it, so some geniuses in charge decided it would be a good idea to borrow more money so we could pay our previous debts. And so on... bloody politicians.

STFU and Gimme my money back

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quote:

Originally posted by Jackson STFU and Gimme my money back

Sure, sir, do you accept cheque?













Then cheque this:



(I'd write a serious post, but I've got to go now, brb )

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so UK is high cos we have such a large home 'ownership'?

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