UK personal debt hits 1 trillion pounds. what!!! staffordshire, bbc. herald, financial times
I thought they were talking rubbish. but no. If we each had 17 pound of debt, the combined debt would be 17x60million = 1020 million.
A trillion is 1000 times as much. so we each have 17,000 pound of debt.
1. Some banks are owed a heap of money by us.
2. Some of those people aren't ever going to pay it back. How do bankrupt people re-start their lives?? Just wondering?
3. the bbc article says that that's bigger than the combined debt of Africa, Asia, and other countries.
quote from somehwere else: In 1999, developing country debt (not counting the former Eastern Bloc) was placed by the World Bank at $2,060 billion, less than 6 percent of total world debt ($37,000 billion). ... the national debt of the United States is $5,000 billion, U.S. household debt is $6,000 billion, and the national debt of Japan at $ 2,000 billion. In contrast, the total debt of the 41 HIPC countries is approximately $200 billion (less than one percent of world debt). It is difficult to imagine how canceling the $200 billion owed by the HIPC would seriously affect the market that Mr. Wolfensohn is so worried about.
Wow. is the rest of the world poor or what? man..
ok what we need to do is to redistribute our personal debt onto those 'poorer' people that have lower debt. And then give them greater access to credit cards. Seriously, the rest of the world should be donating money to us.