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Global Debt Hits 325% Of World GDP, Rises To Record $217 Trillion

posted by cmn32480 on Friday January 06 2017, @11:12AM   Printer-friendly
from the lotsa-red-ink dept.

n1 writes:

Global debt levels rose to more than 325 percent of the world's gross domestic product last year as government debt rose sharply, a report from the Institute for International Finance showed on Wednesday.

The IIF's report found that global debt had risen more than $11 trillion in the first nine months of 2016 to more than $217 trillion. The report also found that general government debt accounted for nearly half of the total increase.

Emerging market debt rose substantially, as government bond and syndicated loan issuance in 2016 grew to almost three times its 2015 level.

Source: Reuters

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  • (Score: 1, Interesting) by Anonymous Coward on Friday January 06 2017, @02:58PM

    by Anonymous Coward on Friday January 06 2017, @02:58PM (#450225)

    You are missing the point. $217 trillion is an average of $31,000 per person on this planet. Who the fuck is that money owed to?
    If it is the same 65 people who own half the worlds wealth, why don't we load them on the B Ark, fire it into the Sun, and declare all debts paid?

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  • (Score: 0) by Anonymous Coward on Friday January 06 2017, @07:28PM

    by Anonymous Coward on Friday January 06 2017, @07:28PM (#450361)

    You are missing the point. $217 trillion is an average of $31,000 per person on this planet. Who the fuck is that money owed to?

    Each other!

    You go to work, you get paid cash. Let's assume that is "no debt cash", and you put it in bank. The bank then lends a fraction of that, like 90% to some company, let's make that your company you work for. That company then pays you money, so you can lend it back via the bank. In that way, Your deposit can create 5x as much debt as cash. OK, maybe not that simple, but money that you have as an ASSET is a LIABILITY for the bank. Bank's ASSETS are LOANS. So, snake eating it's own tail? Yes, if it wasn't for central banks that can add or shrink the money supply based on need for money supply to actually exist.

    So, $31k per person is money we have, Except it is not exactly per person.

    https://en.wikipedia.org/wiki/Distribution_of_wealth [wikipedia.org]