Is a global debt crisis looming? | Counting the Cost

Global debt has hit a record $307 trillion in 2023.

That includes the amount of money owed by corporations, governments and individuals around the world. And it's equivalent to almost $40,000 for every single person on the planet.

Multiple crises in recent years have worsened the problem - pushing countries to the brink. And that simply means some of the poorest countries in the world are servicing their debts, instead of providing for their people.

So, who's to blame for the delay in debt relief efforts?


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[UnderhillKoufax]

“We can either have democracy or great wealth concentrated in the hands of a few, but we cannot have both.” - US Supreme Court Justice Louis Brandeis

[julioduan]

US kept interest rate high waiting for more countries to default.

[MoHawk]

if you mention African poverty without mentioning France, you're suspicious to me

[bhavtosh]

The main reason of this
debt even before pandemic
was and is low interest rates
regime which enable more
people to borrow and then default.
Interest rates should be in
middle neither high nor low.

[ENTERTAINERyou]

Because the current monetary system does NOT serve humanity.

[mukithebar]

Gold should be over $40 000 per ounce... USA manipulating paper gold contracts price

[shamsulbahri]

I personally believe 2 reason for financial trouble around the world. One our insane of financial problem and two our incompetent politicians. No matter in the east or west. Money buy influence so the leader spend in order to buy influence. Be it in democracy world or the non-democacy world.

[Star_Imperator_Sigma]

I personally shall never be effected by it. But the short answer is "Yes".

[zwatwashdc]

African leaders are fully invested in the idea that politics should make them grossly rich. I wonder where they got that idea.

[marcielynn]

Zero debt here. Life off the grid in my paid for home in Hawaii.

[menudobucket]

Liberate the private sector from what? The debt owed by the United States due to deficit spending is the result of a tax structure that favors the wealthy and wasteful spending that went to the purchase of munitions and military hardware. The U.S. government spends more on the military than the rest of the world combined, none of which can be called productive.

Meanwhile, the American infrastructure is in such bad repair that it’s becoming dangerous and citizens are dying in some cases. The Flint water crisis is ten years old and remains unresolved. Jackson, Mississippi has experienced water shortages and not because it wasn’t available. The roads and bridges in some areas are pitted with potholes and mountains of rust, but rather than spend the money to repair them, they’re used as political bargaining chips for politicians to create a facade that makes them appear to be working on behalf of their constituents, when in reality they’re filling their own pockets and keeping their benefactors happy.

Living on the interest paid on loans, Capitalism has dug itself into its own grave, but not without taking everyone along for the ride. We have the tools to fix the problem, but capitalism and the exploitation that drives it stand in the way. It’s true that the more affluent governments need to lead the way out of this debt debacle, but they won’t. It’d mean having to share the wealth and the wealthy are too greedy for THAT! Once you’ve got it, the thought of being without it again is so frightening that there isn’t enough courage to let go of a single dime.

[ArhamYaseen-ni]

Chinese debts over the nations is useful and infra structure building while western money goes in security spending..wars etc.

[sumitomoOO]

Democracy (and the dumbness of the average voter) is the main reason for so much debt...all politicians borrow and spend to win the next election so debt keeps growing...no politician would voluntarily cut spending

[marybailey]

Haven't most stocks been in a giant bubble since the beginning of 2020? If you look at the charts of individual stocks, don't almost all of them look as if they are on the verge of collapsing in January 2024? Why do people keep investing more money in these?

[teresawilcox]

AGREE with Shirley Ze Vu so much common sense.

[jeremyprovence]

Can anyone say colonialism? When there is enough for everyone and the very rich claim it as their own. Tax the rich.

[daraghokane]

I hope this debt crash weakens the US dollar and Brics somehow comes out okay as there aren't using that

[MAGAted]

no, not really, the thing about debt is when it reach's this scale it's everybody's problem, and as we know, while capitalism has been great for the welfare of virtually all of us, it is, basically, a con trick

[karlstrel]

Greg Swenswon is right when He says that private companies should be reigned in by Governments. but there has to excessive spending on Green Tech firms because they will benefit not just The Environment which is precious to us not so smart human beings, and to the economy as well because it will help drive prices down in some area's.

[detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank 😊