Saturday, April 11, 2009

us household debt

Some info from an SCMP article.
  • Household debt of the US has reached 100 per cent of country's annual GDP in 2007 = USD13.8 trillion.
  • To get back to the historical mean level of 75 per cent, amount of USD2.5 trillion needs to be reduced.
  • In case a third (USD1.1 trillion) is to be written off, banks and insurance companies do not have enough capital and they need to be nationalized.
  • If the remaining portion (USD2.4 trillion, 17% of annual GDP) is to be repaid through future income, the government needs to incur equal amount of decicit to make up for it.
Future of the US economy looks quite gloomy and it seems like there is no way but the USD will devalue in the mid-long term, which is probably not good for my financial situation either.

5 Comments:

At April 13, 2009 at 5:24 PM , Blogger Demian said...

This is grim... I was reading that Japan is facing deflation, as China's productivity levels are in the positive. Lately the USD has been gaining back against the Yen...

 
At May 25, 2009 at 4:29 AM , Blogger moshsuzuki said...

National debt of Japan is now approx US$5 trillion. I thought it sucks a lot but if we think like national debt is just a form of national credit, maybe US is facing grimmer situation...

 
At June 14, 2009 at 2:30 PM , Blogger nutswamp said...

There are different theories regarding what will happen to the USD and I don't know which one will be the case. But from what I've read I feel it's a matter whether it will devalue gradually in the long run or there will be a hyper inflation in relatively a short term. Since HKD is pegged to USD, I've been thinking I should put my savings somewhere else.

 
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