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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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Global Debt Hits 325% Of World GDP, Rises To Record $217 Trillion
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(Score: 2) by AthanasiusKircher on Friday January 06 2017, @03:31PM
By the way - I should be clear that I agree with you at least to the extent that so many people believe the things you said (including lots of powerful people with lots of money) that we should be concerned about these things. My point is that a lot of the responses to various crises of debt are caused more by the myths we believe about money than how it actually functions.
(Score: 2) by Unixnut on Saturday January 07 2017, @01:48AM
Tell that to the person who used a credit card to buy Christmas gifts for their kids last month because of a temporary financial shortfall, with plans to pay it off over the next couple months. Tell that to the young couple who takes out a mortgage and gets to raise a family in a house, rather than shelling out for rent for many years hoping to try to save enough to buy a home someday.
Just to point out, that the reason people have to go into debt in order to do things like buy a house, is precisely because the debt system allowed those assets to swell in value to the point where you need ever increasing mortgages. It is a self reinforcing circle. If there was no ability to borrow such vast sums of money, assets would drop down in value until people were able to afford them.