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The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis

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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.

As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out.  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.

Even if some “permanent solution” could be crafted for Greece, that would only solve a very small fraction of the overall problem that we are facing.  The nations of the world have never been in this much debt before, and it gets worse with each passing day.

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

■ Armenia

■ Belize

■ Costa Rica

■ Croatia

■ Cyprus

■ Dominican Republic

■ El Salvador

■ The Gambia

■ Greece

■ Grenada

■ Ireland

■ Jamaica

■ Lebanon

■ Macedonia

■ Marshall Islands

■ Montenegro

■ Portugal

■ Spain

■ Sri Lanka

■ St Vincent and the Grenadines

■ Tunisia

■ Ukraine

■ Sudan

■ Zimbabwe

And there are another 14 nations that are right on the verge of one…

■ Bhutan

■ Cape Verde

■ Dominica

■ Ethiopia

■ Ghana

■ Laos

■ Mauritania

■ Mongolia

■ Mozambique

■ Samoa

■ Sao Tome e Principe

■ Senegal

■ Tanzania

■ Uganda

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

All of those countries will come knocking asking for help at some point. The fact is that their Debt to GDP levels have soared since the EU nearly collapsed in 2012.

Spain’s Debt to GDP has risen from 69% to 98%. Italy’s Debt to GDP has risen from 116% to 132%. France’s has risen from 85% to 95%.

In addition to Spain, Italy and France, let us not forget Belgium (106 percent debt to GDP), Ireland (109 debt to GDP) and Portugal (130 debt to GDP).

Once all of these dominoes start falling, the consequences for our massively overleveraged global financial system will be absolutely catastrophic

Spain has over $1.0 trillion in debt outstanding… and Italy has €2.6 trillion. These bonds are backstopping tens of trillions of Euros’ worth of derivatives trades. A haircut or debt forgiveness for them would trigger systemic failure in Europe.

EU banks as a whole are leveraged at 26-to-1. At these leverage levels, even a 4% drop in asset prices wipes out ALL of your capital. And any haircut of Greek, Spanish, Italian and French debt would be a lot more than 4%.

Things in Asia look quite ominous as well.

According to Bloomberg, debt levels in China have risen to levels never recorded before…

While China’s economic expansion beat analysts’ forecasts in the second quarter, the country’s debt levels increased at an even faster pace.

Outstanding loans for companies and households stood at a record 207 percent of gross domestic product at the end of June, up from 125 percent in 2008, data compiled by Bloomberg show.

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

Eric, there are now more problem areas in the world, rather than stable situations. No major nation in the West can repay its debts. The same is true for Japan and most of the emerging markets. Europe is a failed experiment for socialism and deficit spending. China is a massive bubble, in terms of its stock markets, property markets and shadow banking system. Japan is also a basket case and the U.S. is the most indebted country in the world and has lived above its means for over 50 years.

So we will see twin $200 trillion debt and $1.5 quadrillion derivatives implosions. That will lead to the most historic wealth destruction ever in global stock, with bond and property markets declining at least 75 – 95 percent. World trade will also contract dramatically and we will see massive hardship across the globe.

So what do you think is coming, and how bad will things ultimately get once this global debt crisis finally spins totally out of control?

Please feel free to add to the discussion by posting a comment below…

The post The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis appeared first on The Economic Collapse.

Michael Snyder is the publisher of The Economic Collapse Blog, The American Dream Blog and The Truth. You can follow him on Twitter right here.


Source: http://theeconomiccollapseblog.com/archives/the-bankruptcy-of-the-planet-accelerates-24-nations-are-currently-facing-a-debt-crisis


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    Total 6 comments
    • Endtime

      Quite obviously an evil game of the zionist NWO (cf. the Protocols…). Push a nation into debts. Give it money to pay the debts, which they then also have to pay back later. Thus in the long run still more debts. A vicious debt spiral is created, going from bad to worse. That gives you full power over the nation. Conquering it without a “physical” war…

    • nirbikulpa

      best to add South Africa to this list as well, over here, we have corrupt government people that steal public funds, then they get caught, and the president pays them R20mill. South African rands to leave the job they held when caught stealing. and I’m sure you all know about the R250mill house upgrades the president did while his people are laying in the streets, jobless, hungry, cold and dying. :eek:

    • Michael Carrigan

      A lender only has power if you give it to him. If no individual and no country borrowed money, if they only relied upon God who made heaven and earth, then those lending would have to find productive work to do. They might actually have to take on some risk, instead of only doing “positive carry” type trades. With an upward sloping yield curve, it is quite easy to borrow short and lend long.

      Notice how in the parable of the talents that those given praise were those who traded and multiplied their accounts for the Lord. The bankers are only referred to when the unfaithful, lazy servant did not at least invest his funds with them. The bankers themselves, however, are not called to account. Those NOT working for the Lord already have their reward on this earth.

      Work, do not take on new debt, pay down and settle debts, save, invest. A simple formula for an individual or a nation.

      If a banker offers you a loan, say instead that you are looking for an equity investor. Then watch them run away. ‘We don’t know how to do that.’ ‘You want private equity or a venture capitalist.’ ‘We only deal with screens, not with spreadsheets.’ The typical ‘banker’ is nothing more than a loan broker. It’s not their money.

      But beware of a major financial crisis where someone will rise up and state they will forgive all the debts. While this is commanded by Moses in Deuteronomy 15:1-2 each seven years, there is a false type of year of release related in Jeremiah 34 and a true one as related in Nehemiah 5. One may promise release but in return the person released will need to owe the state. Jeremiah 34 is prophetic of what is to come. Countries debt will be alleviated, but they would need to swear allegiance to one world government. And the beast shall take it over.

      Deuteronomy 15
      1 At the end of every seven years thou shalt make a release.

      2 And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD’s release.

      3 Of a foreigner thou mayest exact it again: but that which is thine with thy brother thine hand shall release;

      4 Save when there shall be no poor among you; for the LORD shall greatly bless thee in the land which the LORD thy God giveth thee for an inheritance to possess it:

      Jeremiah 34

      14 At the end of seven years let ye go every man his brother an Hebrew, which hath been sold unto thee; and when he hath served thee six years, thou shalt let him go free from thee: but your fathers hearkened not unto me, neither inclined their ear.

      15 And ye were now turned, and had done right in my sight, in proclaiming liberty every man to his neighbour; and ye had made a covenant before me in the house which is called by my name:

      16 But ye turned and polluted my name, and caused every man his servant, and every man his handmaid, whom he had set at liberty at their pleasure, to return, and brought them into subjection, to be unto you for servants and for handmaids.

      Jesus said the poor would always be with you. Mark 14:7. The rich rules over the poor and the borrower is servant to the lender. Proverbs 22:7. The intent of Deuteronomy 15:4 is that there be no poor among you.

      So I have to conclude there will be no more true release as occurred in Nehemiah 5.

      12 Then said they, We will restore them, and will require nothing of them; so will we do as thou sayest. Then I called the priests, and took an oath of them, that they should do according to this promise.

      13 Also I shook my lap, and said, So God shake out every man from his house, and from his labour, that performeth not this promise, even thus be he shaken out, and emptied. And all the congregation said, Amen, and praised the LORD. And the people did according to this promise.

      So why then do these countries not say to those that lent them the money, when shall you grant the Lord’s release as is required each seven years? And where is my Nehemiah 5 release? But so few truly believe. Yet scripture must be fulfilled. Thy word is settled forever in heaven.

      China selectively cancelled its debts.

      Jesus commended the wasteful steward in Luke 16 who nonetheless showed mercy and wrote down the debts of his Master. And Jesus condemned debt collectors who showed no mercy in Matthew 18.

      So which will those holding the loans be? And which of their debt collectors will write down the debts even in an unauthorized manner in showing mercy?

      • shadowrising12

        the bible is used as a control method so quoting it, shows the control they have over you. the stories are much older than u think. also look at the translation.

    • EruditeOne

      Why isn’t the United States of America written on this list? The USA IS bankrupt and will never pay its debts.

    • Shaun

      All COUNTRIES/CORPORATIONS are BANKRUPT and always have been….You can’t pay a DEBT with a DEBT! There is NO MONEY!

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