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Updated 21:16 08/05/21

Global debt out of control

By Duncan Richardson, News Editor

22 Jul 2016

Since the 2008 economic crisis global debt levels have exploded. America’s debt to GDP ratio stands at 103%, Japan 240% and Italy 170%. When you take into account unfunded liabilities such as government pensions, the figures are many times worse. In reality there is no chance these debts will ever be repaid. Politicians tell us we are in an era of austerity, yet deficits keep rising. The political class hope we will grow our way out of the problem, but growth is yet to materialise

Since 2008 $60 trillion of debt has been added pushing the worldwide debt load to over $200 trillion. That equates to $28,571.42 for every man, woman and child on the face of the planet. Considering nearly half of the world’s population live on less than $2.50 a day its clear global debt is out of control.

In reality there are only two ways to deal with the problem- default or inflate away the problem. If politicians ignore the problem next crisis will be many times worse than the 2008 meltdown.

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