Great News! Every Single Person on the Globe Now Owes Fifteen Thousand Bucks!
Bill Quick

Global Debt Exceeds $100 Trillion as Governments Binge, BIS Says – Bloomberg

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.

Well, I’m sure there’s nothing to worry about here.  Never mind.

 

Posted in Debt permalink
Bill Quick

About Bill Quick

I am a small-l libertarian. My primary concern is to increase individual liberty as much as possible in the face of statist efforts to restrict it from both the right and the left. If I had to sum up my beliefs as concisely as possible, I would say, "Stay out of my wallet and my bedroom," "your liberty stops at my nose," and "don't tread on me." I will believe that things are taking a turn for the better in America when married gays are able to, and do, maintain large arsenals of automatic weapons, and tax collectors are, and do, not.

Comments

Great News! Every Single Person on the Globe Now Owes Fifteen Thousand Bucks! — 2 Comments

  1. US debt borrowed from the public is about $11 trillion, plus $6 trillion borrowed from past Social Security revenue (all spent on other things). That is the US official $17 trillion in debt.

    Now, add in the unfunded promises due in the future but not now borrowed. The total is then $100 to $200 trillion. Hey, they are just promises, and promises are made by politicians to be broken.

    That is just the debt of the US. The entire West has done this. So, the total borrowed plus promised is far more than a measley $100 trillion.

    People will find that they can’t live on promises, and should have saved more for their future. Ah well, live and learn. Maybe next century will be better.