understanding America's debt problem

Understanding America's Debt Problem

I had motion sickness watching this joker. This video received almost a quarter of a million downloads

uk external debt - 400 percent of GDP

UK external debt - 400 percent of GDP

In general, I don't like posting other people's charts. I prefer to do my own, thank you very much. However, there are charts that are so important that they need to be produced in their original format. A recent chart on the Spectator website is such a chart.

The Spectator asks what is the true level of UK external debt, both private and public. The answer is horrifying. Britain owes the rest of the world. It is not 40percent (the level of public sector debt) but 400 percent of GDP. Furthermore, it is the highest in the G7 by some margin.

So what is the plan? Gordon "I saved the world" Brown wants banks to lend more, while the governments runs up an 8 percent of GDP fiscal deficit next year.

Make no mistake, we are on the road to total ruin.