Global Debt Soars Again
ZeroHedge, May 30 2023 – Excerpts:
Global debt levels soared by $8.3 trillion in the first quarter of 2023, climbing to $305 trillion, nearly the record high set in the first quarter of 2022, according to the Institute of International Finance. This means almost 335% of GDP.
Rising debt is a burden on growth, and soaring public debt means higher taxes, weaker productivity and declining real wages as governments push inflationary policies to try to dissolve part of their enormous indebtedness.
Public debt is not a reserve asset for the public sector, it is a negative factor that crowds out investment and credit and erodes purchasing power from families and earnings from businesses as taxes rise.
There is no such thing as public debt. We pay it, always. With higher taxes, higher inflation, or larger budget cuts, maybe all at the same time.…
Rising debt means gold remains the only de-correlated and safe asset in an environment where currency destruction is likely to continue.Bitcoin and crypto assets are different things, in fact they are highly correlated with non-profitable tech.Governments are not going to reduce deficit spending, and this means that public fixed income may be the riskiest asset for investors in an era of inflationism...
Investors can bet on one thing.The inflationist policies that have been modestly implemented since 2009 are going to be accelerated. This will not be pretty if it leads to a prolonged period of stagflation. Stagflation does not create multiple expansion and equity booms. It is bad for fixed income and equity markets…
This is the consequence. Record debt, weaker growth, and inflation.
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