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Updated 03:34 19/08/19

Global debt reaches $2,000,000,000,000

By Duncan Richardson, News Editor

15 May 2015

Global debt is now estimated to be over $2 trillion and with a world population of 7.3 billion each man, women and child owes on average $27,200.

Worryingly 29% or $57 trillion has been accumulated since the start of economic crisis in 2008. Since 2008 government and personal debt have soared and overall debt in China has expanded by over 50%.

Currency comes into existence as debt and the interest on that debt can only be paid when new currency is created. Governments and central banks have no choice but to encourage corporate, private and government debt or implement money expansion via quantitative easing.

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