This is how much debt your country has per person

Alex Gray – World Economic Forum Oct 4, 2017

“Neither a borrower nor a lender be,” Shakespeare’s Polonius warns his son Laertes.

Today, however, many governments are getting by on borrowed money. Borrowing allows governments to cover shortfalls without having to increase taxes or cut back public spending. But too much debt can hurt economies, especially in a recession.

The US just passed $20 trillion in debt for the first time, while the UK owes £1.9 trillion ($2.5 trillion) and counting.

The US and UK are not the most indebted countries though. Japan’s debt reached 221.8% of GDP in 2015, according to the OECD Government at a Glance report.

Note individuals in Russia owe a fraction of what their counterparts in the U.S. owe. Click to enlarge

How much is it per person?

One way to think about government debt is in per capita terms. So, for example, if the Japanese wanted to pay off their national debt, they would owe $90,345 each.

Among OECD countries, Ireland, the US and Italy are next, with $62,687, $61,539, and $58,693 respectively.

Belgium, at $58,134, is above the OECD average of $50,245.

Austria, France and Greece all have higher per capita debts than the UK, and their citizens would have to find almost $50,000 each ($49,975, $49,652 and $47,869 respectively).

Per capita debt among OECD countries has increased at an average annual rate of 5.9% since 2007. The amount owed per person in each country varies dramatically, from Japan’s $90,345 to Estonia’s $3,761.

The rise of debt

The level of gross government debt as a percentage of its GDP is an indicator of how able a country is to pay back debts without incurring further debt.

When a government borrows money, it has to pay it back with interest. So when interest rates go up or the economy slows down, debt levels can become unsustainable.

In 2015, the average level of gross public debt in the OECD countries reached 112% of GDP. That’s compared to 73% in 2007, before the financial crisis.

Debt levels increased the most in Spain, Slovenia, Portugal, and Greece.

Only three OECD countries have reduced their debt levels since the financial crisis: Norway, Switzerland and Israel. Countries with the highest public debt throughout this period are Japan, at 221.8% of GDP in 2015, followed by Greece (181.6%), Italy (157.5%) and Portugal (149.2%).

Although Greece’s debt/GDP ratio is significantly lower than Japan’s, the consequences have been much more severe in Greece, not least because the debt is owed to foreign rather than domestic creditors.

Source

9 responses to “This is how much debt your country has per person”

  1. It makes no sense to me. This “money” which is “lent” is made out of nothing – it is non EXISTENT. How can anything tbe owed if it was nothing in the first place – created out of nothing. I find this utterly baffling. Tell the banks – or the Rothschilds – that it is all a fraud and they are just pretending that we all owe them money. How dare they con the World like this? It is all a gigantic LIE.
    Wayne Madsen once suggested that all these lying bankers should be arrested, tried and comvicted of lying, fraud and extreme cruelty and that they should be given life sentences wit hard labour. The hard labour should be carried out behind thick glass walls so the the public in each country could watch the Rothschilds and the rest of this lying breed of fools as they sweat from Monday to Friday. At week-ends they should be put in stocks in public places so that the people could go along to throw at them rotten eggs and rotten tomatoes and any other rotten thing they could find – until they have to return to their hard labour – for life.
    The first thing to be done immediately at the end of their properly public trials must be the confiscation of EVERYTHING they own – it is all stolen property.
    What poverty stricken minds they have, wanting so much material wealth that they never stop stealing – for century upon century!
    I recommend, with huge enthusiasm, Michael Hudson’s new book
    “and forgive them their debt.” It is wonderful and very enlightening.
    What the Old Testament claims as something to do with the Jews or Hebrews was actually The Law of Hammurabi – and other rulers of places like Sumeria nd Akkkad and such.

  2. At the end of his Moneymasters masterpiece Bill Still suggests that national debt can be quickly eliminated by two steps:
    1/ Issuing government/treasury non debt money to pay off maturing bonds.
    2/ Requiring banks to gradually increase their reserves from ~10% or whatever low level it is, to eventually have 100 % reserves. What Irving Fisher called 100 % money. (In this scenario banks would earn profit in the way most people wrongly believe they do now by arbitraging the difference between lenders and borrowers.)

    Professor Steve Keen and Michael Hudson have fingered private rather than public debt as the driver of economics cycles.( My own interpretation is to also factor in land speculation along with this as the other side of the coin – pun intended.) Keen in his lectures illustrates how the decreasing deflationary uptakes by private individuals of credit, reduces the money supply necessary for economic activity; this fuelled the 1930s depressions – note plural – and the misnamed “Great Moderation” leading up to the 2007/08 crisis.

  3. Back in the 30s Lord Rothschild told his apostles, those left wing homosexual perverts
    quote “That by the year 2000 Britain will be communist, it may not be called that but thats what it will be ”
    Communism/socialism, means owned by the state
    You think you own your car ? you dont you are now only the registered keeper
    You think you own your home ? you dont you are only the occupier
    you think you own your children ? no longer the state can come take them any time they want and if they decide to give them to homosexuals where 80% get interfered with, you will have no say.
    Tony Blair and New Labour made these changes, in secret
    Tony Blair tre biggest Hater of his own people since Churchill, betrayed his own electorate country and family and this is why even a zionist whore like Cherie left him

  4. BS. Debt should be forgiven

    Deuterenomy 15 (https://www.sacred-texts.com/bib/kjv/deu015.htm)

    1 At the end of every seven years thou shalt make a release.

    2 And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD’s release.

  5. The only man with the courage to take them on was Adolf Hitler who put Rothschild in prison
    Napoleon wanted to do the same as did JFK
    but we know what happened to them

  6. This young patriotic German lad goes to Chile and looks up where Adolf Hitler is living
    he goes to his house and knocks on the door.
    A little white haired bent over man with a small moustache answers
    ” hello mr hitler ” ? asks the young german lad ?
    yes what can i do for you he answers
    Look the jews have again taken over gertmany he says, please come out of retirement and sort the country out again and deal with the jews for us
    Mr Hitler replles. ” well ok but this time there is no half measures…..

  7. Paul loved the joke
    but when Hitler took the economy away from the jews the jewish owned countries of UK USA and Russia destroyed Germany.
    Brexit is stage one
    stage 2 must be to stop all dual passport holders obtaining office
    stage 3 anyone convicted of a crime must be deported back to country of origin
    lastly we print our own money so any profits go into our treasury not jewbankers
    my brother was a travel rep, he says israel is awash with money, loads of it there and all stolen while our folk live on the streets

  8. In 1972 Western banksters, multinational corporations, manufacturers and other investors began heavily investing in Chinese manufacturing and they transferred hundreds of billions in capital, equipment, technology, together with the outsourcing of hundreds of millions of jobs to China in order to make windfall profits – all based on China’s ridiculously-low, labor costs and high productivity which no Western nation could or even try to match.

    All of this went on unchecked by any Western government while each Western nation was transformed from a creditor nation to a debtor nation based on the mounting foreign-trade imbalances with China in particular.

    The people in the West making all of the money were and remain the very ones running the major political parties in every single Western nation. Why, therefore, should they care about job losses or trade imbalances? The fact is they not only do not care but their paid political hacks consistently lied to their people saying that the jobs which were being outsourced were only ones which their people did not want to do, and that in any case the high-tech jobs would remain untouched. However, when you outsource manufacturing you end up outsourcing everything else which goes along with it because the Chinese always have got someone to do it cheaper.

    China, having accumulated trillions to their credit based on the trade imbalances began to buy up everything of value in sight in every major and minor Western trading nation, meaning more power and more influence in our lives and in our governments, all of which our corrupt politicians and governments approved in order to get some of that money back and balance the books.

    When things started looking irretrievable for the economic future of the West with China becoming the workshop of the world and predictably the leading superpower of the future, the very Western establishment which made trillions on the trade shift while bankrupting their own nations, decided to end nation states all together, and especially Western nations. They then started ushering in a new globalist order, based on free trade, open borders, a one-world-government, and a one-world-bank all backed up by a one-world police force (i.e. a global army). Their plan is this. China and other repressive third-world manufacturing nations will take down their borders and we will also take down ours so that hundreds of millions of people can migrate anywhere they want. Then every business in the world can share in the bounty of low-cost, coolie-like labor. Meanwhile, the rich will get richer and the poor will become more evenly distributed, but still remain poor.

    Tony Blair, a past PM of the UK and one of the leading spokesmen for the new globalism, stated repeatedly that because manufacturing power had shifted to China so also goes the military power and that we just had to accept it. But the rulers of China and the all the people who have got rich and continue to get rich on its low-cost labor will never open their borders to reduce their advantage by draining it to the rest of the world, and particularly to the West, even if we were to allow them to do that.

    This establishment contrivance gives us only two options – the socialist globalist option of a global distribution of manufacturing and labor versus the option of a world with the increasing dominance of communist China destined to rule based on the power from their salve labor and gargantuan trade imbalances. Both options guarantee continued wealth and prosperity for the Western banksters, corporations and investors in China, while their own nations continue to go to the dogs with unemployment and debt.

    A third opinion is to say that until China becomes a free nation and agrees to trade balances then “ABC” (Anything But China). With huge tariffs against all Chinese goods, manufacturing industries would have to return to the West if they wanted Western markets. Working families would be invigorated as would the family system by virtue of the demand for working people with more jobs. We would have less in the way of cheap things from China like clothes, garden tools, cell phones, and furniture, but with the increase in jobs that “less” would translate into more self-reliance, more security for working-class families (the strength of any nation), more environmental sustainability, and more national integrity.

  9. Japan pays most of its interest to its own postbank according to an Ellen Brown article. It is not the debt level but who you pay the interest to.