  An explicit evaluation of the spin asymmetry of the deuteron and the
associated GDH sum rule is presented which includes photodisintegration, single
and double pion and eta production as well. Photodisintegration is treated with
a realistic retarded potential and a corresponding meson exchange current. For
single pion and eta production the elementary operator from MAID is employed
whereas for double pion production an effective Lagrangean approach is used. A
large cancellation between the disintegration and the meson production channels
yields for the explicit GDH integral a value of 27.31 $\mu$b to be compared to
the sum rule value 0.65 $\mu$b.
