As governments raise taxes to cope with their unending spending habits, people are increasingly being forced to supplement their own income with loans. And according to most financial experts, this debt problem is so big that it will usher in a global economic collapse of epic proportions.
According to the Institute of International Finance’s latest Global Debt Monitor, the amount of debt held in the world rose by the biggest amount in two years during the first quarter of 2018. It grew by $8 trillion to hit a new all-time high of $247 trillion, up from $238 trillion as of December 31, 2017. And that’s up by $30 trillion from the end of 2016.
Global debt is staggering to the point most of it will never be repaid and as governments continue their spending sprees and the debts keep mounting, the future of the economy looks bleak. There is more than enough economic data out there to show there could be an economic collapse and stock market crash in 2018. Bill Gross stated in 2017 that “our highly levered financial system is like a truckload of nitroglycerin on a bumpy road”. One wrong move and the whole thing could blow sky high, wrote the Epic Economist. Once this bubble pops, it will fling the globe into a financial crisis of epic proportions never before seen.