$21,714 For Every Man, Woman And Child In The World - This Global Debt Bomb Is Ready To Explode

Discussion in 'Economics & Trade' started by Motti, Mar 13, 2017.

  1. Motti

    Motti Member

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    According to the International Monetary Fund, global debt has grown to a staggering grand total of 152 trillion dollars. Other estimates put that figure closer to 200 trillion dollars, but for the purposes of this article let’s use the more conservative number. If you take 152 trillion dollars and divide it by the seven billion people living on the planet, you get $21,714, which would be the share of that debt for every man, woman and child in the world if it was divided up equally.

    So if you have a family of four, your family’s share of the global debt load would be $86,856.

    Very few families could write a check for that amount today, and we also must remember that we live in some of the wealthiest areas on the globe. Considering the fact that more than 3 billion people around the world live on two dollars a day or less, the truth is that about half the planet would not be capable of contributing toward the repayment of our 152 trillion dollar debt at all. So they should probably be excluded from these calculations entirely, and that would mean that your family’s share of the debt would ultimately be far, far higher.

    Read the rest here: http://www.zerohedge.com/news/2017-...nd-child-world-global-debt-bomb-ready-explode
     
  2. DennisTate

    DennisTate Well-Known Member Past Donor

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    But... the global debt bomb is largely smoke and mirrors......
    designed to keep an ignorant population running like Gerbils on a
    treadmill........

    Here is how I explained this in my 2006 campaign......

    www.BankingSystemFlaws.blogspot.ca/
     
  3. apers3312

    apers3312 Active Member

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    What does Global Debt Even Mean?

    Does Earth Owe Mars?

    You're right, it is:

     
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  4. DennisTate

    DennisTate Well-Known Member Past Donor

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    In my 2016 campaign for Municipal Councillor I ran into a brilliant
    computer programmer who has a plan to make it possible
    for all seven billion of us to have an alternative to
    total dependence on fiat currencies....... that are debt based......

    It is important to note that the writer wishes to gift this to humanity and
    only wishes for this to be self sufficient.......

    https://civil.money/about

    I am trying to figure out ways that his system could be directly used in some areas and
    copied in other areas......

    One option here in Nova Scotia would be for active and retired teachers to sign up
    to be actors playing the role of teachers and tutors....... and coaches....
    Each hour earned through a system like this is taxable.....
    which is a plus in that this could potentially become a cash cow for all levels of government
    but on the negative side......
    governments are digging themselves into a debt hold that is going to be
    challenging to lift them up out of?!
     
    Last edited: Mar 14, 2017
  5. Econ4Every1

    Econ4Every1 Well-Known Member

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    1) Government spending is earned as an income by people in the private sector. The greater the deficit, the more people earn and the more people are hired to meet demand.

    Therefore:

    2) If the government reduces spending, people earn less and this results in job losses which in turn results in less demand and less money paid in taxes.

    3) The argument that debt is a problem overlooks the fact that when the government pays interest on debt, it is paying that interest as an income to people in the private sector that hold US treasuries. As interest rates rise, payments to people holding Treasuries earn more income.

    4) Debt does not "steal" anything from future generations. If that were so, why didn't the youth of the 50's and 60's (some of the best years ever economically) have to pay for the highest debt level ever, the 1940's, when the US government deficit spent $4.1 trillion in 4 years (accounting for inflation)? Failure to spend and provide healthcare, education, clean water, food, shelter.....These are the things that are stolen from future generations, these are the REAL benefits that are lost in the name of austerity.
     
    Last edited: Mar 19, 2017
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  6. DennisTate

    DennisTate Well-Known Member Past Donor

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    Very interesting indeed!

    This is an aspect of the Big Picture that I have to admit that I do tend to overlook almost completely..........
    Intriguing!
     
  7. GrumpyCatFace

    GrumpyCatFace Active Member

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    It works for as long as you can make the interest payments without hyperinflation. As for when that happens, it's anybody's guess. All just fairy dust in the end.
     
  8. tkolter

    tkolter Well-Known Member

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    Just go to a global currency and reset the entire financial system of the planet to $0, converting existing currency to the global currency, And cap this to 100,000,000 global dollars or whatever all funds over that in private hands is lost. So those with fortunes over that just lose it. After some bumps we can then just start over.
     
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  9. GrumpyCatFace

    GrumpyCatFace Active Member

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    Lol those "bumps" would involve some civiliation-ending disruptions.
     
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  10. Ndividual

    Ndividual Well-Known Member

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    Except for the fact that the debt is not shared equally by all nations making it a paltry $21,714 per person.
    The U.S. Federal debt per citizen is currently about $61,201 while in China it is about $7,437, Germany $29,033, France $37,079, Greece $34,572, Hong Kong $14,488, India $792, Mexico $4,134, United Kingdom $31,774, and Russia $1,057 just to name a few. But that does not include the State and local government debts owed which increases the debt per citizen of the U.S. to about $210,839. And then there's the debt owed by the individuals as well.

    As long as government can print money we can live within the means it makes available to us?
     
  11. GrumpyCatFace

    GrumpyCatFace Active Member

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    Well, it works until it doesn't. Eventually that leads to hyperinflation and chaos tho.
     
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  12. DennisTate

    DennisTate Well-Known Member Past Donor

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