Terrifying $243 Trillion Global Debt Bomb is a Disaster Only Bitcoin Can Fix

[pushups44]

What the world's central banks will likely do, according to economist Jim Rickards, is inflate their way out of their sovereign debts. This will cause a devaluation of fiat currencies that will be very bullish for bitcoin, which is only mildly inflationary according to its design.

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[LeGaulois]

Sometimes I wonder if the simplest solution to the worldwide debt isn't to just reset the finance system and then reshape fully how we use the money. Maybe that's what the Illuminati are trying to do and get Bitcoin as the worldwide currency   The IlluminatiPost Economist sent a subliminal message 3 months ago predicting a sad year for the finance in 2019. Maybe the crash we're waiting...

[Airbuxf]

If there is a debt in economy there is no problem. Problem start if debt become bigger than assets possible to produce and services in economy. Bitcoin/Gold/other assets can't fix this situation, the only way is to crash on market and stop to borrow more money.

[Thirdspace]

Pretty simple, I take a loan from Mike.
Since I take a loan of 20 BTC and I get 10 BTC back from John so my overall, total and only debt will be 10 BTC.
Not 45BTC.

if that is the case then we can use the same thing in fiat situation (without asking how mike obtain his 20 BTC)
but as they continuing life, they will need money
as long as each person's productivity is less than expense, they will be back in debt again
and total debt accumulation will always rising, if total productivity cannot overcome expense and interest

[whirlcoin]

Global debt now stands at a terrifying $243 trillion according to a report by the Institute of International Finance this week. That’s quarter of a quadrillion. We’re in the realms of the absurd.

This is unsustainable. And it’s the fault of a broken and irresponsible monetary system, addicted to printing money and issuing credit. It’s time to admit we need a new alternative. While it’s far from perfect, bitcoin offers a viable solution with its fixed supply and regulated output. It’s time for a revolution.

$243 Trillion Debt Bomb

The record figure stands at three-times the world’s total gross domestic product (GDP). In other words, it’s three times larger than the value of all products and services on the planet.

The figure peaked in the first quarter of 2018 when it hit $248 trillion. It has since fallen back slightly. The US is among the biggest offenders. As CCN reported, total US national debt hit $22 trillion this year.

https://www.ccn.com/terrifying-243-trillion-global-debt-bomb-is-a-disaster-only-bitcoin-can-fix

I think the Bitcoin has no route to make this possible and possibly it will not been happened in any kind of situation their Economics is always been normal and the people in this world are always using the country currency for making a transaction and Bitcoin is also one of the important thing it's not to develop the people in this world.

[stompix]

Pretty simple, I take a loan from Mike.
Since I take a loan of 20 BTC and I get 10 BTC back from John so my overall, total and only debt will be 10 BTC.
Not 45BTC.

if that is the case then we can use the same thing in fiat situation (without asking how mike obtain his 20 BTC)
but as they continuing life, they will need money
as long as each person's productivity is less than expense, they will be back in debt again
and total debt accumulation will always rising, if total productivity cannot overcome expense and interest

Well, that's true but I wasn't referring to the mechanism behind the accumulating debt.

My post was simply aimed at those scared of hundred of trillions that assumingly we all owe to...something or somebody, but nobody has ever told who that something is

Besides, wow, 243 trillion debt in an economy of 80 trillion, the horror...
My mortgage was 175 000 euros and I was making 28 000 a year when I took it....

Nice to see the majority of responses here agree that sweeping statements about Bitcoin really aren't helpful, not against a sick and corrupt financial system, certainly not for Bitcoin advocacy.

Bitcoin cannot take those issues away.

No, it can't and it won't.
Just as business and government and countries have gone bankrupt during the gold standard so will they even with a crypto economy.
There is no system that can prevent a country or its economy collapse and bitcoin can't do anything either.

Thinking that we can just go from fiat to BTC and everything will go away is childish.
 

[jjjfff]

Well the $243 trillion are going to be over $ 300 trillion by the end of this year.

If you took every penny produced by the USA and Europe for 20 years just to pay debt, you'd still not pay up the $300 trillion. Next year it'll be 320 trillion.

Europe has just announced they will continue to print money in 2020. China prints 200 to 500 billion Yuan whenever they feel the market has dropped too much.

Central bank money is toy money. They print money whenever the markets drop.

Look at the S&P500 and FED printed money correlation:



They openly manipulate the market. As long as the Fed is printing money for their buddies, the market goes up. There is no real value being generated.

Everyone is working more and more to keep up with this. In 1980 you'd be able to graduate and buy a house. Everyone bought homes then. Now you can't.

Millenials can't even afford to buy a home because bankers and the wealthiest have bought everything. Most of them are paying up college debt. Debt! Before life even starts, debt is all over your life.

They keep printing debt they'll never pay. Fake monopoly money!

Here's another terrifying chart. Look at how much money they printed in 2008!



When your business runs out of money does anyone print money for you? Does your family catch a break? No. The banking thieves do! They print money for themselves.

Just look at that chart and tell me that's normal?

We are living in a Ponzi scheme. They keep printing their fake money and we must work ever more to make up for it. The whole world is getting exploited by a dozen people.

Think about this for a while : an offshore bank with little regulation can basically make up money out of thin air. Nobody would ever find out. Banks are robbing you 24x7.  It's fake toy money!

A system with an algorithmic money emission, not controlled by politics and thieves, is the only way to get transparency to start fixing the greatest fraud in human history (fractional reserve banking).

[playboy654]

Handling this type of things with a single currency will not been possible at any time and Bitcoin had the ability but anything need the support from the others that's why if total cryptocurrency field will made a chance then it is possible to happened.

[WinslowIII]

I still can't really completely understand how there is a 243 trillion global debt, like to who ?
This is a global debt we are talking about, who really has a debt to who exactly ? Can someone please explain that to me ?

I mean it can't be humans to aliens so it must humans to other humans or corporations basically, looking at the number it must be even corporations to corporations and even nations to nations. If there is 243 trillion debt owed in total than there must be people who are owed 243 trillion dollars to and I do not even understand how that is possible to continue without asking for it.

Let's assume USA owes China over a trillion dollars in debt because they said "manufacture me x amount of Y" and never paid for it, how the hell china paid for it to be manufactured than ? I really do not understand the math behind this 243 trillion dollars AT ALL.

Governments can't just add fiat to their economies with no repercusions. They must account for every newly added dollar, yen, peso etc. So each year to make ends meet they add new fiat to their budgets - think of it as a loan to themselves, the payment of which is pushed on to some future generation - so they can continue moving forwards. Without this creation of new fiat, all of the money spent by the government from social security, medicare/medicaid, prisons, military etc etc etc etc etc would fall short. Why? because taxes collected aren't enough to cover all the expenses plus the devaluation of the dollar plus payments on national debt bought by other countries plus about a zillion other bullshit bills.
In other words, we are FUCKED. Instead of buying bitcoins, we should all be buying guns, ammo, long lasting food and fuel. When the shit hits the fan and the house of cards falls it's gonna be a major depopulation event.

[Naida_BR]

This debt cannot be fixed by anyone. Bitcoin is not a debt deleter but an alternative to this bubble.
If someone holds bitcoin can escape from the negative consequences that debt is going to create in the society.

[el kaka22]

The terrifying debt was caused by greedy people who wanted to make more money from money itself, when you are a farmer you grow crops and sell, when you are a tailor you saw clothes and you sell, most of the business in the world runs on the idea that you have a product and you sell it, not banks.

Banks have money and they make more money with money they have and when they can't that turns into debt but there was no product in the start so they lost money they didn't have, they bet 2 dollars on a 1 dollar bet and when they lose there is a 3 dollar debt whereas money was 1 dollar so there is a fictional debt that doesn't really exists. Unless we stop this mentality there is absolutely no way we can stop the debt crisis and nothing bitcoin can do about it.

[neonshium]

Exactly, we are going to see a lot of countries entering into recession because of the numerous amount of debt they have acquired for themselves over time and they will look for an alternative to get their countries economy back to a good state, this is where bitcoin and other crypto with great potentials will come in, this is why I keep telling my friends and all members of my family to make sure they have possession of bitcoin.

[mtmitat]

everything will be very nice but begin global acceptance

[alyssa85]

Sometimes I wonder if the simplest solution to the worldwide debt isn't to just reset the finance system and then reshape fully how we use the money. Maybe that's what the Illuminati are trying to do and get Bitcoin as the worldwide currency  The IlluminatiPost Economist sent a subliminal message 3 months ago predicting a sad year for the finance in 2019. Maybe the crash we're waiting...

80% of Japanese govt debt is actually held by the Bank of Japan, purchased with printed money.

They won't "wipe out" the debt, but they'll basically turn it into a perpetual that never needs to be paid back apart from interest. And the interest payments on it are something stupid like 0.1%.

Pretty sure the ECB is going to do the same thing with the govt debt they've bought. They won't officially wipe it out, they'll just declare it never needs to be redeemed by tax money.

[slaman29]

80% of Japanese govt debt is actually held by the Bank of Japan, purchased with printed money.

They won't "wipe out" the debt, but they'll basically turn it into a perpetual that never needs to be paid back apart from interest. And the interest payments on it are something stupid like 0.1%.

Pretty sure the ECB is going to do the same thing with the govt debt they've bought. They won't officially wipe it out, they'll just declare it never needs to be redeemed by tax money.

0.1% is going to stop being something stupid with the power of compounding and as soon as 1 or two missed payments allocate interest, then we'll be seeing millions flowing. But isn't Japan anyway having negative interest rates already? So maybe they don't even need to pay anything or pay back smaller and smaller repayments. How does that work actually?

[STT]

Japan owns 1 trillion of US treasury debt, thats the scary thing there.   If BOJ could somehow declare itself unable to pay debts and start over and that event was resolved with an end to it then perhaps it could be some positive and the world moves on.     A large part of why BOJ can get away with that strategy is that the debt is owned by Japanese people and corporations.   Certainly there is loss but its within the country and its one of the richest countries, its a question of accounting for that loss now in a proper way.

However if Japanese debt then means a trigger to USA debt and its failings then we have contagion and the matter spreads around the globle possibly.   This means Japan suffers from falling business outside its borders, secondary effects occur that knock onto greater losses then just the BOJ debt.   This is where nobody knows what could happen in total and also the reason I think why BOJ never resolves its debt problem, nor the FED or the ECB and so on

[KennyR]

The ROI for the debt gets added regularly. This is how the debt keeps on increasing and from the overview it seems to be destructive. This is the common way of economic failure and I don't think this can be fixed with bitcoin, from my view if there is huge price pumping after adding it to the governance there might be little benefit. Other than this the volatility is always a concerned feature that make economic collapse with huge funds.

[STT]

The fix via Bitcoin would be to have an independent system of value not related to poltics, not debased by politics and not reliant on more debt being produced for its continuation.    I dont think Bitcoin will be the only medium if we had an absence of US dollar tomorrow but it'd be a useful one with its own features across a whole spectrum of alternatives to take the load from FIAT failure.  
As I mention above USD is unlikely to fail or decline alone, its going to be many systems together and at present its linked to government debt and their ability to pay.
  People arent ultimately responsible for that failure, many people were not even born when this debt was originally incurred hence its a legacy problem.   BTC is new and not subject to debt, I think it will be useful then but must develop greater capacity.

https://www.zerohedge.com/news/2019-05-01/minsky-moment-starting-2024-all-us-debt-issuance-will-be-used-pay-interest-debt?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

I spotted this posted elsewhere on the forum and its highly relevant, its still true that the vast majority of the population and even people on this forum are going to get blind sided by this debt dynamic.   There is no real cure in play