World Government Debt Sets Record At Nearly $100 Trillion, US Has No Way Of Paying Theirs Off

As defaults throw developing economies into turmoil, people increasingly will take to the streets to protest government incompetence, corruption, crime, and violence.

The following report is a press release by the UN Trade and Development Organization (excerpts):

In a new report released on 4 June, the United Nations sounded the alarm over the escalating debt burdens to global prosperity.

Titled “A world of debt 2024: A growing burden to global prosperity”, the report highlights the unprecedented surge in public debt – comprising both domestic and external general government borrowing – which reached a historic peak of $97 trillion in 2023, up by a notable $5.6 trillion from the previous year.

Particularly in Africa, faltering economies in the wake of multiple global crises have resulted in a heavier debt burden. The number of African countries with debt-to-GDP rations above 60% has increased from 6 to 27 between 2013 and 2023.

Meanwhile, repaying debt has become more costly, and this is hitting developing countries disproportionately.

In 2023, developing nations paid $847 billion in net interest, a 26% increase from 2021. They borrowed internationally at rates two to four times higher than the U.S. and six to 12 times higher than Germany.

The rapid rise in interest costs is limiting budgets in developing countries. Presently, half of them designate a minimum of 8% of government revenues to debt servicing, a number that has doubled in the last ten years…