Financial Times: World debt hits $152tn record, says IMF
Calculation of burden highlights challenge of boosting growth
The world is $152tn in the red — a record-breaking level of debt, according to the International Monetary Fund.
The figure, more than two times the size of the global economy, comes from the fund’s latest Fiscal Monitor and is, officials claim, the most accurate measure of the world’s debt burden ever calculated.
“Global debt is at record highs and rising,” said Vitor Gaspar, director of fiscal affairs at the fund.
Levels of borrowing have substantially outpaced global growth in recent years, rising from 200 per cent of gross domestic product in 2002 to 225 per cent last year.
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WNU Editor: And the IMF's answer/solution to handle this debt is to have more debt. Since this is the position of most Western governments (i.e. more debt) .... I do not expect any opposition or disagreements from the central Banks and their governments.
Sighhh .... this is not going to end well.
3 comments:
Brilliance at it's finest. They couldn't run a 2 house paper route, this will not end well.
"They couldn't run a 2 house paper route." Couldn't have said this one better myself. Hopefully we can get adults to run things before it is to late.
If worldwide debt is rising and since the United States is part of the world, one would expect it's debt to rise as well especially since the United States generally follows the lead of countries such as Canada and those in Western Europe.
If other nations jump off a cliff, does this mean the United States follows along? Apparently, at least in the case of US leadership, this appears to be the case.
Is the US and GB that lead Canada and EU down to this cliff.
The neoliberist agenda is to create economic bubbles only to force small privates and nations into the chains of debt and grow the power of great private financial institutes.
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