An unprecedented global debt bomb threatens to explode at any moment. 24 nations are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself and when it does it will be unlike anything that we have ever seen before.
The edited excerpts above, and below, are from an article* by Michael Snyder (theeconomiccollapseblog.com) originally entitled The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis which can be read in its entirety HERE.
Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books…[and] there is no way that all of this debt can ever be repaid.
According to a new report from the Jubilee Debt Campaign, there are currently 24 countries in the world that are facing a full-blown debt crisis:
- Costa Rica
- Dominican Republic
- El Salvador
- The Gambia
- Marshall Islands
- Sri Lanka
- St Vincent and the Grenadines
There are another 14 nations that are right on the verge of one:
- Cape Verde
- Sao Tome e Principe
What should be done about this?…[Unfortunately,] the “wealthy” countries are some of the biggest debt offenders of all [and, as such, are in no position to] bail all of them out.
- The U.S. national debt has more than doubled since 2007, and at this point it has gotten so large that it is mathematically impossible to pay it off.
- Europe is in similar shape. Most of the countries there will soon need bailouts too and once all of these dominoes start falling, the consequences for our massively over-leveraged global financial system will be absolutely catastrophic.
- Spain’s debt to GDP has risen from 69% to 98%;
- Italy’s from 116% to 132%;
- France’s from 85% to 95%;
- Belgium‘s to 106%;
- Ireland‘s to 109% and
- Portugal‘s to 130%.
- Things in Asia look quite ominous as well.
- China‘s debt levels have risen to levels never recorded before – rapidly approaching 300%.
- In Japan, things are even worse. The government debt to GDP ratio in Japan is now up to an astounding 230%. That number has gotten so high that it is hard to believe that it could possibly be true. At some point an implosion is coming in Japan which is going to shock the world.
National governments and central banks [the world over] have been attempting to kick the can down the road for as long as possible, but everyone knows that this is not going to end well, and when things do really start falling apart, it will be unlike anything that we have ever seen before.
What do you think is coming, and how bad will things ultimately get once this global debt crisis finally spins totally out of control? Please feel free to add to the discussion by posting a comment below.
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