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Topic Title: The world is drowning in debt
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Created On: 01/14/2020 07:27 AM
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 01/14/2020 07:27 AM
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RustyTruck

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New York (CNN Business)The world's already huge debt load smashed the record for the highest debt-to-GDP ratio before 2019 was even over.

In fact, it broke that record in the first nine months of last year. Global debt, which comprises borrowings from households, governments and companies, grew by $9 trillion to nearly $253 trillion during that period, according to the Institute of International Finance.

That puts the global debt-to-GDP ratio at 322%, narrowly surpassing 2016 as the highest level on record.

More than half of this enormous number was accumulated in developed markets, such as the United States and Europe, bringing their debt-to-GDP ratio to 383% overall.

There are plenty of culprits. Countries like New Zealand, Switzerland and Norway all have rising household debt levels, while the government debt-to-GDP ratios in the United States and Australia are at all-time highs.

In emerging markets, debt levels are lower, for a total of $72 trillion, but they have risen faster in recent years, according to the IIF.
China's ratio of debt to GDP, for example, is approaching 310%, the highest level in the developing world. Investors have long kept a skeptical eye on the highly-leveraged country. Following a push for Chinese companies to reduce their borrowing in 2017 and 2018, debt levels rose again last year, the IIF said in its Global Debt Monitor report.

Such massive worldwide debt is a real risk for the global economy, especially because the IIF expects levels to rise even further in 2020.

"Spurred by low interest rates and loose financial conditions, we estimate that total global debt will exceed $257 trillion" in the first quarter of 2020, the IIF said.

The Federal Reserve lowered interest rates three times last year, and the European Central Bank's benchmark rate is still at its post-financial crisis lows.

Despite favorable borrowing conditions, the refinancing risk is massive. A total of more than $19 trillion of syndicated loans and bonds will mature in 2020. It's unlikely that all of these will be refinanced or repaid.

Another issue that the report brings up is the financing needs for urgent climate change action.

The United Nations' Sustainable Development Goals require $42 trillion of infrastructure investments by 2030, but "countries with limited borrowing capacity could face severe challenges in meeting development finance needs," the IIF said.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".

Edited: 01/14/2020 at 07:28 AM by RustyTruck
 01/14/2020 07:31 AM
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Cole

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Why was debt a factor in the US markets when Obama was president?

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I was right.
 01/14/2020 07:33 AM
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RustyTruck

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The capitalists are now running the US economy as if it were a private equity take over. They purchased politicians who would deregulate, then they run up debt shifting public money into their off shore bank accounts.

When the end comes, they will cash out and crash the economy, leaving the working class holding the bag.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 01/14/2020 07:34 AM
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tpapablo

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Yes, we should make a serious effort to reduce our debt and deficit. We can start by voting for Republicans. While many of them are far from perfect on this issue, at least they aren't calling for $100 trillion in new spending. The federal government needs to be cut way back. Dems and progs want to expand it.

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 01/14/2020 07:42 AM
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RustyTruck

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I don't think your suggestion is backed by historical evidence. Socialists want to reduce the obscene spending on corporate welfare and giveaways to defense industries, and stabilize the american working class with living wages, healthcare, and education. People are literally dying from poverty in one of the richest countries in the world.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 01/14/2020 07:54 AM
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Greensleeves

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On a microeconomic level debt is fueling the "great economy". Without artificially low interest rates you think the consumer would be spending like they do?

Twitler complained about the low interest rates and now demands them. He and his followers are hypocritical hate junkies.

PS wtf is tspank babbling about?
 01/14/2020 08:05 AM
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tpapablo

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Most socialist countries go bankrupt. So apparently they find some way to spend money.

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 01/14/2020 09:10 AM
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RustyTruck

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Scandinavia is not bankrupt.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 01/14/2020 11:22 AM
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Greensleeves

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"Most socialist countries go bankrupt." tspank getting stupider or he just lies every time he types anymore.
 01/14/2020 11:28 AM
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jdbman

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"Most socialist countries go bankrupt:" tampon

Straight from the MAGA play book.

Just make shit up with no facts. Obviously the MAGA freaks on this here 2l SURF FORUM, will parrot the insane clown posse party line at every opportunity. While they think we are just a bunch of dumb Spicolis, we are actually not buying the MAGA bullshit and will resist and call it out.

cool waves and tasty buds or cool buds and tasty waves?

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So if you are a surfer I wish you the prosperity that allows you more time to pursue the salt water dream, and the true happiness that comes from warm water, clean waves and the companionship of your fellow surfers. If you are an internet troll just spewing bs then f off.
 01/14/2020 01:11 PM
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tpapablo

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Originally posted by: RustyTruck Scandinavia is not bankrupt.
Scandinavia isn't socialist. They dabbled in that awhile back, however, and reversed course when they saw that they were going bankrupt.

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 01/14/2020 02:17 PM
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HAPDigital

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Originally posted by: tpapablo

Originally posted by: RustyTruck

Scandinavia is not bankrupt.


Scandinavia isn't socialist. They dabbled in that awhile back, however, and reversed course when they saw that they were going bankrupt.


Tpap, wrong as usual. The same things you'd call socialist here, like what Bernie wants, is exactly the same Nordic models most of the Scandinavian countries practice.

Tpap still batting a 0.
 01/14/2020 02:47 PM
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scombrid

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Originally posted by: RustyTruck The capitalists are now running the US economy as if it were a private equity take over. They purchased politicians who would deregulate, then they run up debt shifting public money into their off shore bank accounts. When the end comes, they will cash out and crash the economy, leaving the working class holding the bag.
Totally agree on the planned end game. "The Capitalists" is sloppy language. The people engineering this are less capitalist than I am.

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 01/14/2020 02:49 PM
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scombrid

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Social democracy still needs a capitalist engine. But there have to be breaks and oversite. Fucking fascists are lust looting the treasury right now.

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 01/14/2020 03:14 PM
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dingpatch

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Another looming Bubble is junk derivatives. They currently exceed the value of the WORLD'S TOTAL GDP!!

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 01/14/2020 04:24 PM
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RustyTruck

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Originally posted by: scombrid

Social democracy still needs a capitalist engine. But there have to be breaks and oversite. Fucking fascists are lust looting the treasury right now.


I disagree, you could say social democracy needs a market engine, but capitalism brings in exploitation. The people behind the gutting of the US economy are exploiters. They love fascism because it's anti-democratic and therefore easier for them to gain power, but the same class interests will back dems or pugs when it suits them.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
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