by Mac Slavo
Global debt has reached a staggering $253 trillion. This is a disaster waiting to happen, as the world’s total debt surged by some $9 trillion in the first three quarters of 2019, according to data from the Institute of International Finance. That’s a terrifying 322% of its GDP; and a record high.
As Axios points out, in times of economic strength, economists suggest that countries pare back their debt burdens and pay it down to protect against future unrest and downturn. But even though we are apparently living in great economic time, the United States and the overwhelming majority of the world have done just the opposite. Horrifyingly, 2019 saw the world’s debt-to-GDP ratio rise at the fastest rate since 2016.