The well – known graphic map of the debt of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) published in the New York Times, in which the debt of banks and governments of these countries and creditor countries is seen now we can add the debt USA in order to complete the puzzle of world debt and get a more accurate globalization of the image. Map banks and government debt and trillion US dollars (1 billion = 1,000 million):
Map USA debt dollar debt and trillion US (1 billion = 1,000 million):
As interesting highlights (in thousands of dollars):
- The sharp increase in US debt in recent years ( 2008-2010) from around 65% of GDP to levels approaching 100%, mainly due to the bailouts of financial institutions and stimulus packages for the economy by the American administration.
- It is curious that the annual interest of the USA debt is 383, representing 162% of the total debt of Greece (236).
- The main holders of debt are the giants of the Asian economy; being the China head (877), followed closely by Japan (768) and with significant amounts Hong Kong (152) and Taiwan (121), which in total constitutes bagatela 1,919 and represented an increase of 326% from 2000.
- In the ranking of countries in debt in relation to GDP they appear in prominent position Japan (192%) and the most important countries in the Euro area: France (80%) and Germany (77%).
No doubt these data should not leave anyone indifferent, because although it has been mediated dramatically the problem with the PIIGS, the debt problem is global and if these imbalances are not resolved eventually taking its toll on the rest of stronger economies.
A reflection on this situation we might suggest, among other problems, a loss of value of currencies and seek ways to protect our heritage and a possible sharp devaluation.