Attack of the Debt Tsunami

For 10 years we have been pounding the table warning that we were heading for a credit market disaster. Governments around the globe have been spending far more than they were collecting, to the point where we warned that ‘far more debt has been created than can ever be paid off.’ And this was BEFORE COVID-19 and the massive spending that governments have been doing since March of this year.

Now the Institute for International Finance (IIF) says that global debt, as of the end of September, has hit a new all-time high of $272 trillion, and it warned of the ‘attack of the debt tsunami.’ The IIF said that global debt will break new records in the coming months to reach $277 trillion by year-end; this would push the debt-to-GDP ratio to 365%. To put this debt total into perspective, there are 7.7 billion people in the world, meaning the $277 trillion in debt equals $35,974 for every man, woman and child.

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