Reported in ZeroHedge is a great chart showing the US debt including all its commitments and the amazing thing is its more indebted than Greece. Opps!! Check out the full article from ZeroHedge including a further breakdown of the debt.
A rather curious phenomenon that has been observed in the popular press lately is that on those rare occasions when total global public debt is demonstrated correctly on a country by country basis, i.e., including contingent liabilities, as well as various trans-national, public-sector backed guarantees (such as EFSF backstops), and most importantly the Net Present Value of pensions and healthcare, or the cost of the welfare state expressed in current dollars, there is one country that is systematically excluded. That would be the United States. Today we set the record straight by adding the US to the list where it rightfully belongs, and also answer the rhetorical question of why the US just so happens to be consistently omitted from such column-chart based, hair-raising classifications.
Source: ZeroHedge
Apr 29, 2012 @ 21:32:24
I would think comparing Greece or any other country in the world to the US is like comparing Oranges to Apples. The reason imho the US can have higher debts than other countries is because the US is the world’s master banker i.e. only they can print $$. As such creditors would always feel safe in lending the US. However that doesnt mean that you should pile on debt because God help the US if China decides to start pulling back its investments. However until they dont become a mass consumer society like the West they are not likely to do so as their economy still depends a lot on the state of the US/EU economy.
Apr 30, 2012 @ 08:33:32
Agreed. There is a big difference, but interesting to compare on a debt level. In other words the chart shows that the US economy has mismanaged it’s economy far more than anyone else and has been irresponsible with worlds reserve currency. The big question now is can it’s print it’s way out of trouble and it looks like it may be losing that battle.
Apr 30, 2012 @ 12:22:36
True. If i correctly remember too much of printing money can cause “bad inflation”….But from a long term prespective the US is leaving its future generations at the mercy of the Chinese…