from TheEconomicCollapseBlog Website
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.
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.
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…
And there are another 14 nations that are right on the verge of one…
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…
In addition to Spain, Italy and France, let us not forget,
Once all of these dominoes start falling, the consequences for our massively overleveraged global financial system will be absolutely catastrophic…
Things in Asia look quite ominous as well.
According to Bloomberg, debt levels in China have risen to levels never recorded before…
And remember, that doesn't even include government debt. When you throw all forms of debt into the mix, the overall debt to GDP number for China is rapidly approaching 300 percent.
In Japan, things are even worse.
The government debt to GDP ratio in Japan is now up to an astounding 230 percent. That number has gotten so high that it is hard to believe that it could possibly be true. At some point an implosion is coming in Japan which is going to shock the world.
Of course the same thing could be said about the entire planet. Yes, national governments and central banks have been attempting to kick the can down the road for as long as possible, but everyone knows that this is not going to end well.
And when things do really start falling apart, it will be unlike anything that we have ever seen before.
Just consider what Egon von Greyerz recently told King World News…