The World's Biggest Debtor Nations

The world's biggest debtor nation is surprisingly not the USA. The best way to calculate that is to look at external debt as a percentage of GDP. When you go past 100%, its dangerous times. HK is surprisingly at #4 but one must also look at their financial balance sheet as a whole - HK is an anomaly. Looking at the list one can now easily understand why Milton Friedman thinks that the Euro is a very flawed currency, and may not even outlast one major recession - its happening now, let's see how things turn out.

1. Ireland - 811%

External debt (as % of GDP): 811%
External debt per capita: $549,819

Gross external debt: $2.311 trillion (Q4 2008)
2008 GDP: $285 billion

2. United Kingdom - 336%

External debt (as % of GDP): 336%
External debt per capita: $153,616

Gross external debt: $9.388 trillion (Q4 2008)
2008 GDP: $2.787 trillion

3. Belgium - 327%

External Debt (as % of GDP): 327%
External debt per capita: $155,362

Gross External Debt: $1.618 trillion (Q4 2008)
2008 GDP: $495.4 billion

4. Hong Kong - 295%

External debt (as % of GDP): 295%
External debt per capita: $93,539

Gross external debt: $659.93 billion (Q4 2008)
2008 GDP: $223.8 billion

5. Netherlands - 268%

External debt (as % of GDP): 268%
External debt per capita: $145,959

Gross external debt: $2.439 trillion (Q4 2008)
2008 GDP: $909.5 billion

6. Switzerland - 264%

External debt (as % of GDP): 264%
External debt per capita: $171,478

Gross external debt: $1.304 trillion (Q4 2008)
2008 GDP: $492.6 billion

7. Austria - 191%

External debt (as % of GDP): 191%
External debt per capita: $100,787

Gross external debt: $827.49 billion (Q4 2008)
2008 GDP: $432.4 billion

8. France - 168%

External debt (as % of GDP): 168%
External debt per capita: $78,070

Gross external debt: $5.001 trillion
2008 GDP: $2.978 trillion

9. Denmark - 159%

External debt (as % of GDP): 159%
External debt per capita: $107,026

Gross external debt: $588.7 billion (Q3 2008)
2008 GDP: $369.6 billion

T-10. Germany - 137.5%

External debt (as % of GDP): 137.5%
External debt per capita: $63,767

Gross external debt: $5.25 trillion (Q4 2008)
2008 GDP: $3.818 trillion

T-10. Spain - 137.5%

External debt (as % of GDP): 137.5%
External debt per capita: $57,091

Gross external debt: $2.313 trillion (Q4 2008)
2008 GDP: $1.683 trillion

12. Sweden - 129%

External debt (as % of GDP): 129%
External debt per capita: $73,245

Gross external debt: $663.58 billion (Q4 2008)*
2008 GDP: $512.9 billion

13. Finland - 116%

External debt (as % of GDP): 116%
External debt per capita: $62,579

Gross external debt: $328.56 billion (Q4 2008)
2008 GDP: $281.2 billion

p/s photos: Julie Hoi

Why Males Get Paid More In Prostitution?

The HK Standard: Growing numbers of male prostitutes from around the region are coming to Hong Kong to work, according to a United States government report. The latest US State Department report on human rights warns "an increasing number of men" are offering sex-for-sale services in the city. A local support group for male sex workers says they are paid between HK$1,000 and HK$5,000 for their services and that most of their clients are men.

Referring to the sex trade in general, the US report says: "The overwhelming majority were women, although an increasing number of young men came to work as homosexual prostitutes. "Nearly all trafficking victims initially go to Hong Kong willingly to engage in prostitution. Most come from rural areas of the mainland, Thailand or the Philippines on 14-day tourist visas. While many go on their own, some are lured by criminal syndicates with promises of financial rewards, while some face circumstances of debt bondage."

The report also cites Macau as a transit and destination point for women trafficked for the purposes of sexual servitude.

"Authorities believe that Chinese, Russian and Thai criminal syndicates are involved in trafficking women to the SAR for prostitution, after which victims are passed on to local crime syndicates. Victims were primarily from mainland China, Mongolia, Russia, Eastern Europe, Vietnam and Thailand."

A Hong Kong government spokesman said it is determined to bring human traffickers to justice, describing the problem as "transnational in nature." Last year, the Immigration Department arrested 3,651 sex workers who were not Hong Kong residents. In 2007, the number was 3,787. There was no breakdown on gender.

Midnight Blue, a local support network for male sex workers, said there has been a rise in the number of male sex workers coming from the mainland following the relaxation of travel restrictions. Others came from Thailand. A spokesman for Midnight Blue, who identified himself as Tommy Chan, said more male prostitutes are likely to come to Hong Kong because of the bad economic situation.

p/s: To answer the headline question, the simple answer I think, its a matter of supply. If you want to score in the essay question, you would need to cite "supply chain management issues" - because the supply is a lot less, the distribution channels are still the same for men or women, you still need your pimps/ managers / security/ drivers / illicit organisations - hence a pimp for female prostitutes may be able to handle 10 or 20 but a similar role for gigolos may be a lot less than 10, and the supply chain faces the same constrictions all the way. Thus to make a similar sum of money, the average price for a male prostitute needs to be higher. ... Possibly a related reason is that a female worker may be able to take on 2 or 4 or even 8 clients a day. Somehow the male counterpart may not be able to likewise (ahem)... / photos: Julie Hoi