Global Debt Hits New Record \ stacker news ~econ

1942 sats \ 13 comments \ @TomK 21 Feb econ

In a recent study, the Institute of International Finance (IIF) revealed that global debt soared to a new peak of $313 trillion in 2023, marking a significant increase from previous years. Developing economies, in particular, witnessed a surge in the ratio of debt to their gross domestic product (GDP), reaching unprecedented levels.

According to the IIF's Global Debt Monitor, global debt escalated by over $15 trillion year-on-year in the final quarter of 2023, with mature markets, notably the U.S., France, and Germany, contributing around 55% to this surge. The data indicates a substantial growth compared to around $210 trillion a decade ago.

https://www.reuters.com/business/global-debt-hits-new-record-high-313-trillion-iif-2024-02-21/#:~:text=LONDON%2C%20Feb%2021%20(Reuters),domestic%20product%2C%20a%20study%20showed.

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478 sats \ 2 replies \ @gmd 21 Feb

Stupid question but who owns all of this debt? Doesn't some of this cross country debt cancel each other out... or is it just to assorted private banks?

199 sats \ 0 replies \ @TomK OP 21 Feb

To give a rough idea of the situation in the eurozone, for example, the situation there is as follows: the European Central Bank has taken over almost all newly issued government bonds since 2016, especially those of the southern states. in addition, there are the purchases of bonds from the north, which in turn end up in sovereign wealth funds, pension funds and banks, which use them as collateral for their transactions. Family offices and private investors hold a very small proportion, which is likely to be less than 10%, somewhere between 5 and 6%

0 sats \ 0 replies \ @_stacktoshi 21 Feb

there's a sucker born every minute

265 sats \ 1 reply \ @Undisciplined 21 Feb

But Tom, don't you know we owe it to ourselves?

154 sats \ 0 replies \ @TomK OP 21 Feb

damn, thanks for reminding me. such important details always escape me. then on and on and on and more i am ready my pockets are always open for our beloved government to fill them with commie debt

21 sats \ 1 reply \ @Coinsreporter 26 Feb

With these estimates it seems like every other country is reeling on the verge of bankruptcy.

0 sats \ 0 replies \ @TomK OP 26 Feb

Oh I think they have a lot of space left. They will force You, pension fonds and other vehicles to buy new issued bonds, for exsmple.

21 sats \ 0 replies \ @KeynesianClowns 22 Feb

It's all good thanks to modern monetary theory. Just keep full employment and the calculation simply becomes the square root of fuck everything else.