By CCN.com: Global debt now stands at a terrifying $243 trillion according to a report by the Institute of International Finance this week. That’s quarter of a quadrillion. We’re in the realms of the absurd.
This is unsustainable. And it’s the fault of a broken and irresponsible monetary system, addicted to printing money and issuing credit. It’s time to admit we need a new alternative. While it’s far from perfect, bitcoin offers a viable solution with its fixed supply and regulated output. It’s time for a revolution.
— IIF (@IIF) April 2, 2019
$243 Trillion Debt Bomb
The record figure stands at three-times the world’s total gross domestic product (GDP). In other words, it’s three times larger than the value of all products and services on the planet.
The figure peaked in the first quarter of 2018 when it hit $248 trillion. It has since fallen back slightly. The US is among the biggest offenders. As CCN reported, total US national debt hit $22 trillion this year.
Nonfinancial corporate debt in the US is now close to its pre-2008 crisis highs.