by Jim Quinn
- Households used the debt to buy new $35,000 SUVs, new 5,000 sq ft $500,000 McMansions, on student loans to get degrees in Transgender Studies and on credit cards to buy the latest iGadget.
- Corporations used the debt to buy back stock at all-time high prices and pay their executives huge bonuses for coming up with the plan to buy back the stock and make it go higher.
- Governments used the debt to make people think their economies were growing when they were really just financing Wall Street and the Military Industrial Complex at 0% interest rates.
Global Debt of Corps, Govts & Households hit fresh record at $178tn. Debt has risen by almost $60tn since GFC, meaning that econ rebound of past decade, which brought global GDP increase of $20tn, has been bought at high price. 3 dollars of debt translated into 1 dollar of growth pic.twitter.com/nSS2N1gIRg
— Holger Zschaepitz (@Schuldensuehner) March 12, 2019