An explicit evaluation of the spin asymmetry of the deuteron and the associated Gerasimov-Drell-Hearn sum rule is presented which includes photodisintegration, and 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 Lagrangian 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 microb to be compared to the sum rule value 0.65 microb.