Public debt, to infinit and beyond (12)

What is more scary then being in debt? Being 15 trillion dollars in debt that isn’t even money you spent. O wait, that amount was what the US owed a couple of months ago. To make it even scarier, 40 trillion is the combined total of the world’s economy and the US is in debt almost half that amount. Also 70 trillion is leveraged against the 40 trillion, meaning this is money that is essentially created out of thin air. For every one real dollar there is 75 cents leveraged or borrowed against it. If this debt collapses for any reason the modern world as we know it would collapse. This also means that we are planet full of debtors no people can pay back that amount of debt.

What does this mean for the people at large or our children?

(Surprise kids, you owe 17 trillion dollars in debt)




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