America's external debt has reached $14,825,308,000,000.
Some are saying America is in a worse predicament that Europe. Some are even predicting the end of the world.
But allow me to introduce some figures which may help to bring some perspective to America's situation:
America's external debt is indeed about $14.8 trillion - but EU's isn't far behind at $13.7 trillion.
America's external debt is only about 99% of its GDP - but Norway's debt stands at 141% of GDP; Germany's at 142%; Britain's is 400%; and Luxembourg's is 3,443%.
Australia's debt stands at 95% of GDP. Therefore America's debt as a percentage of GDP is comparable to Australia's (only 4% higher).
I just did a quick calculation - America's debt per capita is less than $48,000. Germany's is higher at nearly $58,000 per capita. France's debt per capita stands at $75,000 per capita. Britain's is over $144,000; Luxembourg's debt per capita stands at nearly $3.8million.
Australia's debt per capita is over $52,000. That means America's debt per capita is actually nearly $4,000 lower than Australia's.
America's debt per capita is actually $700 lower than its GDP per capita. Australia's debt per capita is nearly $12,000 higher than its GDP per capita.
America's situation is actually better than Australia's and siginificantly better than much of Europe's.
The American media is more alarmist about its own situation than our media in Australia is about our situation - because that's the nature of free-speech in America. America is still actually in a better position than most strong economies around the world.
Wisely managing debt however of course is an issue with important consequences. Australia's situation was far better under the previous Coalition govenrment than under Labor. Recent elections in Europe have seen a major swing back towards conservative parties.
Socialists and end-times pundits take note!
And may God bless America.
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