The American National Debt is growing faster than the debt of any other world nation, it currently owes in excess of $2.7 trillion to foreign governments and other private investors. The debt equates to around 20% of the countries total GDP. This quick hub will give you the low down on who America owes and how much money they owe them, you should perhaps bear in mind that interest payments will make the true figure much higher - so who is profiting from America's overspending? Lets take a look.....

You think that your mortgage is big? Try telling that to the Japanese government, who are owed an astonishing $585.9bn by the American government - a sum which is difficult for any of us to even comprehend. Based on a rough American population estimate of 313 million people, this equates to $1,871 per American citizen. I find it quite frankly astonishing that America's biggest creditor is a country with whom it was at war just half way through the 21st Century.

Close behind Japan in the list of creditors is China who are owed some $541bn by America. That is another $1,728 that each American citizen owes to Asia. To think that America owes so much money to a country that it imports so much from is quite frankly economic suicide; Americans are purchasing many of their consumer goods from China, only for China to lend their money back to America and charge them interest on it. That's like buying a new sofa for $1000, then having the shop lend you back your $1000 but charge you.... say 10% APR on your own cash. Debt is power, and China certainly has a lot of power over America, it is believed that Chinese funding was used to meet the significant costs of the Iraq war. Taking over a country to topple one man that posed no direct threat to world safety was certainly an expensive exercise.

To be honest, this one surprised me greatly; particularly as the British have racked up significant national debts themselves. I wouldn't be surprised to see the UK calling in this debt in order to pay its own creditors, but this is still a sour debt for American people. America flourished after the first World War because of the huge UK debts that itself owned. It appears that the tables have turned however, and each American citizen now owes the UK $982. Since the population of the UK is about one-fifth of the size of the USA's, I will take a total of $4,910 from five of you please (paypal or cheques accepted).

The OPEC Nations, this stands for the Organization of the Petroleum Exporting countries are basically Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, U.A.E. and Venezuela. I don't really understand this one, but I do find it rather amusing that the Americans owe Iraq money - having pretty much chosen to blow the place to bits, I suppose it is only fair that they pay the costs of damages. If your kid smashes your neighbours window whilst playing baseball, then you have to pay for the window, same rule applies to global politics it seems. To owe money to Angola, one of the developed world's poorest countries, seems ludicrous. I doubt that America could sink too much further.

America also owes $147.7bn to the Caribbean Banking centres. This debt is basically owed to Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, Panama, and British Virgin Islands. To think that the USA owes so much cash to places with.... well, hardly any money themselves, is perhaps testimony to how low the country has sunk. The good news is that Obama intends to reduce America's debt, so hopefully Americans will no longer face the embarrassment of owing money to a bunch of tiny islands.