Global Debt Surpasses 244 Trillion Dollars As “Nearly Half The World Lives On Less Than $5.50 A Day”
Global Debt Surpasses 244 Trillion Dollars As “Nearly Half The World Lives On Less Than $5.50 A Day” by Michael Snyder – The Economic Collapse Blog
The borrower is the servant of the lender, and one of the primary ways that the elite keep the rest of us subjugated is through the $244,000,000,000,000 mountain of global debt that has been accumulated. Every single day, the benefits of our labor are going to enrich somebody else. A portion of the taxes that are deducted from your paycheck is used to pay interest on government debt. A portion of the profits that your company makes probably goes to servicing some form of business debt. And most Americans are continuously making payments on their mortgages, their auto loans, their credit card balances and their student loan debts. But most people never stop to think about who is becoming exceedingly wealthy on the other end of these transactions. Needless to say, it isn’t the 46 percent of the global population that is living on less than $5.50 a day.
The world has never seen anything like this mountain of debt ever before, and one of the central themes of The Economic Collapse Blog is that all of this debt will ultimately destroy our society. According to the Institute of International Finance, the total amount of global debt is now “more than three times the size of the global economy”…
The world’s debt pile is hovering near a record at $244 trillion, which is more than three times the size of the global economy, according to an analysis by the Institute of International Finance.
The global debt-to-GDP ratio exceeded 318 percent in the third quarter of last year, despite a stronger pace of economic growth, according to a report by the Washington-based IIF released on Tuesday.
But it isn’t as if all of this spending has lifted billions of people out of poverty. In fact, 46 percent of the population of the world is “living on less than $5.50 a day” according to the World Bank…
Over 1.9 billion people, or 26.2 percent of the world’s population, were living on less than $3.20 per day in 2015. Close to 46 percent of the world’s population was living on less than $5.50 a day.
Global inequality continues to grow worse with each passing year, and that is because the global financial system is literally designed to funnel as much wealth to the very top of the pyramid as possible.
Of course things could be very different. We don’t actually need to have a debt-based system which systematically makes the rich even richer.
One of the big secrets that nobody is supposed to talk about is the fact that governments don’t actually have to borrow money. For example, the U.S. government could start issuing debt-free “United States notes” tomorrow, and this actually happened for a very brief period of time under President John F. Kennedy in the 1960s just before he was assassinated. It is highly immoral for us to be borrowing trillions of dollars that we expect future generations to repay, and that is why I have been a huge proponent of shutting down the debt-based Federal Reserve system and ending the debt-based currency known as “Federal Reserve notes”.
But these days, only a small minority of the population seems to care. We are literally debt slaves, and most Americans have seemingly embraced their enslavement. I really like what Devvy Kidd had to say about this in her latest article…
The average American is a debt slave already at birth. And by the time he dies, his debt will have increased exponentially, thus passing on an even bigger debt and greater enslavement to the next generation.
This is a vicious circle that has gone on for just over 100 years. A very small elite has become incredibly wealthy and the masses have become enslaved by private and government debt.
For the majority of people, it will be impossible to extricate themselves from this massive debt stone around their neck. Instead they will add to the debt by taking on more debt.