From the Economist. Possibly not the antidote it might be for equities soaring on the back of massive public sector mortgages but interesting. Click the image to go there and see it in action:
A piece of the press release blurb:
"The Global Public Debt Clock was developed using data and forecasts from the Economist Intelligence Unit database. It is, of course, inspired by the 'National Debt Clock', a rolling measure of the US public debt that physically resides in midtown Manhattan. This clock was originally sponsored by a real estate developer, Seymour Durst, who wanted to make people aware of the rising public debt, which at the time was less than $3 trillion. The Global Public Debt Clock includes historical data on sovereign debt back to 1999 and forecasts through 2011. Data can be parsed to view country comparisons, including figures on public debt per capita, debt as a percent of GDP, and yearly rate of change.
The worst global economic storm since the 1930s may be beginning to clear, but another cloud already looms on the financial horizon: massive public debt. Across the rich world governments are borrowing vast amounts as the recession reduces tax revenue and spending mounts—on bail-outs, unemployment benefits and stimulus plans. New figures from economists at the IMF suggest that the public debt of the ten leading rich countries will rise from 78% of GDP in 2007 to 114% by 2014. These governments will then owe around $50,000 for every one of their citizens Not since the second world war have so many governments borrowed so much so quickly or, collectively, been so heavily in hock. And today’s debt surge, unlike the wartime one, will not be temporary. Even after the recession ends few rich countries will be running budgets tight enough to stop their debt from rising further. Worse, today’s borrowing binge is taking place just before a slow-motion budget-bust caused by the pension and health-care costs of a greying population. By 2050 a third of the rich world’s population will be over 60. The demographic bill is likely to be ten times bigger than the fiscal cost of the financial crisis."