Breakdown of world debt by country. According to the IMF, total debt is $63 trillion, and the US is responsible for nearly one third of that amount. https://goo.gl/tH8q54 pic.twitter.com/KT91B9EQEJ
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It's pretty simple. World debt is just the sum total of every country's individual debt (the total amount of money they have borrowed, plus interest, minus what they've paid back).
Yes but how can every country be in net debt? Surely someone has to be in credit? Why aren't mutual debts cancelling each other out?
Much of the debt is owed by a government to its future-self. When a government needs money, it sends an order to the central bank, which then prints the money and indebts the govt. Making money out of thin air in the hope that it can be paid in the future (thought it never can).
So is it the states debt, rather the sum total of the debts of the inhabitants?
I'm pretty sure it's the total debt of all residents. It includes household debt, private debt (of businesses), and public debt (the money that the government has borrowed from other countries, as well as what it has borrowed from itself).
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