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Global debt is mounting more every year – and this could have serious consequences.
Debt, on both a micro level and a macrolevel, is out of control in every corner of the world. Individuals and families accept that they will have to live in debt as a matter of course. At the same time, world governments also accept that they will have to operate while being in serious debt to international money lenders. Most people are aware of these facts and yet few are aware of the shocking true extent of the global debt.
Global debt now at all-time high of an astonishing $217 trillion
According to the Institute of International Finance, Global debt has now reached an all-time high of an astonishing $217 trillion. A representative from the Institute claimed that the surging debt levels have primarily been driven upwards by the governments of the developing world which have cumulatively increased their borrowing by a significant 5% in the past year.
When governments become indebted to major international money lenders, they are forced to tax the populations of their respective countries more heavily than they would otherwise to pay off their loans. However, the interest accrued on such loans and the eternal reliance on these institutions to keep countries running smoothly means that most governments (and the people that they govern) are trapped in an endless cycle of debt and repayment from which it is virtually impossible to escape from.
The effect of this cycle has contributed significantly to the growing gulf between the wealthiest people on the planet and the rest of the world. According to shocking research published by the charity Oxfam, eight men have the same amount of wealth as 3.6 billion of the poorest people on the planet.
It is clear that these individuals would like this cycle to continue in perpetuity, but according to experts, this cycle simply cannot go on indefinitely. Instead, financial experts and economists believe that this is the biggest debt bubble in the history of finance and that it is certain to end with complete economic collapse. In the words of Bill Gross, “our highly levered financial system is like a truckload of nitro glycerin on a bumpy road.”
Meanwhile, the world population was estimated to have reached 7,500,000,000 at 16:21(UTC) on April 24, 2017. The United Nations estimates it will further increase to 11.2 billion in the year 2100.