Here’s the headline from Bloomberg: “Global Debt Exceeds $100 Trillion as Governments Binge, BIS Says.”
Ladies and Gentlemen… this will not end well. A worldwide economic crisis is coming, and you can bet everything the elites will use that crisis to advocate for more power to be given to themselves. Don’t fall for it!
The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.
The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period, according to data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.’s gross domestic product.
Borrowing has soared as central banks suppress benchmark interest rates to spur growth after the U.S. subprime mortgage market collapsed and Lehman Brothers Holdings Inc.’s bankruptcy sent the world into its worst financial crisis since the Great Depression. Yields on all types of bonds, from governments to corporates and mortgages, average about 2 percent, down from more than 4.8 percent in 2007, according to the Bank of America Merrill Lynch Global Broad Market Index.
“Given the significant expansion in government spending in recent years, governments (including central, state and local governments) have been the largest debt issuers,” according to Branimir Gruic, an analyst, and Andreas Schrimpf, an economist at the BIS. The organization is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.
This “binge” is international elites robbing taxpayers to benefit themselves. This abuse of power is what world leaders have enjoyed for millennia, but which America’s Constitution was designed to restrain.
Just over 100 years ago, in 1913, two massive changes were made that set us on the same path to destruction as the rest of the world: The 17th Amendment, and the Federal Reserve Act.
Both of those colossal mistakes should be undone.