JUST IN: 🇷🇺 Russia slams 🇺🇸 US stablecoin push.
Special adviser to Putin, Anton Kobyakov, says it’s a scheme to shove $35T debt into crypto, devalue it, and reset the system.
UK govt debt has hit 100% of GDP for the 1st time since 1961. As a Deutsche Bank chart shows, it is now the 3rd debt super cycle since 1700 given the OBR expects debt to rise to 274% by 2073-74. "The previous two upswings were largely caused by wars whereas this one is simply caused by spending more on the population than you are able or willing to tax," DB's @JimReid35 says.
China debt relative to other Asian countries' debt and relative to the US.
Note that this is the BIS accounting and we use it to compare like for like. Either way, the whole point is to illustrate that China vulnerability is the corporate & local govs (although household debt is rising rapidly too).
Either way, this debt problem can be solved in two ways.
You either lower you cost of debt by lowering rates etc, or you grow your nominal GDP more than your debt.
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2024 #NobelPrize in Physics to John J. Hopfield and Geoffrey E. Hinton “for foundational discoveries and inventions that enable machine learning with artificial neural networks.”