Anonymous Coward User ID: 9029672 Switzerland 10/04/2015 08:55 AM Report Abusive Post Report Copyright Violation | The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis
By Michael Snyder Global Research, October 03, 2015
There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. 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. That breaks down to about $28,000 of debt for every man, woman and child on the entire planet. And since close to half of the population of the world lives on less than 10 dollars a day, there is no way that all of this debt can ever be repaid. 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.
As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out. The other European nations are attempting to find a way to give Greece a third bailout, but that is like paying one credit card with another credit card because virtually everyone in Europe is absolutely drowning in debt.
Even if some “permanent solution” could be crafted for Greece, that would only solve a very small fraction of the overall problem that we are facing. The nations of the world have never been in this much debt before, and it gets worse with each passing day.
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…
■ Armenia
■ Belize
■ Costa Rica
■ Croatia
■ Cyprus
■ Dominican Republic
■ El Salvador
■ The Gambia
■ Greece
■ Grenada
■ Ireland
■ Jamaica
■ Lebanon
■ Macedonia
■ Marshall Islands
■ Montenegro
■ Portugal
■ Spain
■ Sri Lanka
■ St Vincent and the Grenadines
■ Tunisia
■ Ukraine
■ Sudan
■ Zimbabwe
And there are another 14 nations that are right on the verge of one…
■ Bhutan
■ Cape Verde
■ Dominica
■ Ethiopia
■ Ghana
■ Laos
■ Mauritania
■ Mongolia
■ Mozambique
■ Samoa
■ Sao Tome e Principe
■ Senegal
■ Tanzania
■ Uganda
So what should be done about this?
Should we have the “wealthy” countries bail all of them out?
Well, the truth is that the “wealthy” countries are some of the biggest debt offenders of all. Just consider the United States. Our 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. Members of the eurozone are trying to cobble together a “bailout package” for Greece, but the truth is that most of them will soon need bailouts too…
All of those countries will come knocking asking for help at some point. The fact is that their Debt to GDP levels have soared since the EU nearly collapsed in 2012.
Spain’s Debt to GDP has risen from 69% to 98%. Italy’s Debt to GDP has risen from 116% to 132%. France’s has risen from 85% to 95%.
In addition to Spain, Italy and France, let us not forget Belgium (106 percent debt to GDP), Ireland (109 debt to GDP) and Portugal (130 debt to GDP).
Once all of these dominoes start falling, the consequences for our massively overleveraged global financial system will be absolutely catastrophic…
Spain has over $1.0 trillion in debt outstanding… and Italy has €2.6 trillion. These bonds are backstopping tens of trillions of Euros’ worth of derivatives trades. A haircut or debt forgiveness for them would trigger systemic failure in Europe.
EU banks as a whole are leveraged at 26-to-1. At these leverage levels, even a 4% drop in asset prices wipes out ALL of your capital. And any haircut of Greek, Spanish, Italian and French debt would be a lot more than 4%.
Things in Asia look quite ominous as well.
According to Bloomberg, debt levels in China have risen to levels never recorded before…
While China’s economic expansion beat analysts’ forecasts in the second quarter, the country’s debt levels increased at an even faster pace.
Outstanding loans for companies and households stood at a record207 percent of gross domestic product at the end of June, up from125 percent in 2008, data compiled by Bloomberg show.
Read more here: |
Anonymous Coward User ID: 70461611 United States 10/04/2015 09:05 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis |
Limpan
User ID: 64608935 Sweden 10/04/2015 09:07 AM
Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis Thanks!! But we know nothing will come out of this!! We are in new times!! |
Anonymous Coward User ID: 68114548 Germany 10/04/2015 09:09 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis END TIMES |
Anonymous Coward User ID: 70461611 United States 10/04/2015 09:09 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis Hey O.P. DID YOU VOTE ON THE 20% GOLD STANDARD LAST YEAR FOR SWITZ ?? |
Lorenz
User ID: 13257596 France 10/04/2015 09:11 AM
Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis Croatia and Spain maybe. All other countries are in the shit since tens of years folk. That s Africa! Our slaves. Nothing to see here.... A.I.B.I.A. |
Anonymous Coward User ID: 70475053 South Africa 10/04/2015 09:17 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis To whom is all this debt owned?
Is is the banksters that created it out of nothing? |
Anonymous Coward User ID: 70466165 United States 10/04/2015 09:26 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis 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…
■ Armenia
■ Belize
■ Costa Rica
■ Croatia
■ Cyprus
■ Dominican Republic
■ El Salvador
■ The Gambia
■ Greece
■ Grenada
■ Ireland
■ Jamaica
■ Lebanon
■ Macedonia
■ Marshall Islands
■ Montenegro
■ Portugal
■ Spain
■ Sri Lanka
■ St Vincent and the Grenadines
■ Tunisia
■ Ukraine
■ Sudan
■ Zimbabwe
And there are another 14 nations that are right on the verge of one…
■ Bhutan
■ Cape Verde
■ Dominica
■ Ethiopia
■ Ghana
■ Laos
■ Mauritania
■ Mongolia
■ Mozambique
■ Samoa
■ Sao Tome e Principe
■ Senegal
■ Tanzania
■ Uganda
The United States is deeper in debt than all of those places put together. |
william User ID: 70380225 Canada 10/04/2015 09:38 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis To whom is all this debt owned?
Is is the banksters that created it out of nothing?
Quoting: Anonymous Coward 70475053 the debt is the equity nature of the financial system...some of it is bonded to assets, some of it floats... it is not created from nothing... it is created from labour and is value added to the system... the truth is - the debt is owed to you and i... |
Anonymous Coward User ID: 70461611 United States 10/04/2015 09:53 AM Report Abusive Post Report Copyright Violation | Re: The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis
To whom is all this debt owned?
Is is the banksters that created it out of nothing?
Quoting: Anonymous Coward 70475053 the debt is the equity nature of the financial system...some of it is bonded to assets, some of it floats... it is not created from nothing... it is created from labour and is value added to the system... the truth is - the debt is owed to you and i... Quoting: william 70380225 B.S !!! ... when you have a central bank that can print money out of a key stroke , and that can also do so buy adding debt to the system .... its all an illusion ...because any money labored for and NOT immediately transferred into Gold (an actual true asset ) will evaporate over time , nothing will be owed to any labororer but gold when this collapses and that will never happen !!... Smarten up |