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The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.
The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period, according to data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.’s gross domestic product.
Borrowing has soared as central banks suppress benchmark interest rates to spur growth after the U.S. subprime mortgage market collapsed and Lehman Brothers Holdings Inc.’s bankruptcy sent the world into its worst financial crisis since the Great Depression. Yields on all types of bonds, from governments to corporates and mortgages, average about 2 percent, down from more than 4.8 percent in 2007, according to the Bank of America Merrill Lynch Global Broad Market Index.
So the entire planet is $100 trillion in debt. In debt to whom? Why is the whole world in debt to a handful of people?
reply to post by xuenchen
What is interesting about this is countries like Cuba that have learned to self sustain...not saying they are perfect but they do self sustain....will succeed. Imagine a huge global crash...I think places like New Zealand, Cuba, Norway will do well....
The federal unfunded liabilities are catastrophic for future taxpayers and economic growth. At usdebtclock.org, federal unfunded liabilities are estimated at near $127 trillion Link
The house of cards isnt going to collapse sorry to ruin your doom mongering.
Its a move into a new currency.
Sorry to ruin everyones fun but its the truth.