Tsunami of Global Debt – the Mockingbird
In a publication called: “Global debt Monitor: Attack of the Debt Tsunami” on November 18, the Institute of International Financereported that the global debt would reach an all-time high of $277 trillion. That is with 12 zeros, over $15 trillion more since the end of 2019 and 365% of the World’s Gross domestic product (GDP)! Even though debt has increased drastically in the previous decade since the 2007-2008 economic crisis, it has never increased to such heights in the space of a year.
These are the numbers according to the Institute of International Finance (IIF):
- China’s debt reached 335% of GDP in 3rd quarter of 2020
- US debt will reach $80 trillion, an increase of $9 trillion from 2019
- The Eurozone debt will reach $53 trillion
- Debt reached 432% of GDP among advanced nations in the third quarter of 2020.
- Debt reached 248% of GDP among…
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