Skip to content

$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion

By Catholic Online (NEWS CONSORTIUM)
3/10/2014 (3 years ago)
Catholic Online (www.catholic.org)

Governments borrowing in order to pull their economies out of recession one of leading causes

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original amount between 2007 and the middle of last year, sending global debt over $100 trillion. A whopping 40 percent increase in what the world owes - what next?

The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
3/10/2014 (3 years ago)

Published in Business & Economics

Keywords: Bank for International Settlements, BIS, global debt


LOS ANGELES, CA (Catholic Online) - According to the Bank for International Settlements, or BIS, the $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period. According to data compiled by Bloomberg, the jump in debt was measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.'s gross domestic product.

Yields on all types of bonds, from governments to corporations and mortgages, average about two percent. This is down from more than 4.8 percent in 2007, according to the Bank of America Merrill Lynch Global Broad Market Index.

Prayer, fasting and almsgiving.

"Given the significant expansion in government spending in recent years, governments (including central, state and local governments) have been the largest debt issuers," analyst Branimir Gruic, and Andreas Schrimpf, an economist at the BIS say.

The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

According to U.S. Treasury data compiled by Bloomberg, marketable U.S. government debt outstanding has surged to a record $12 trillion, up from $4.5 trillion at the end of 2007. Corporate bond sales globally jumped during the period, with issuance totaling more than $21 trillion, Bloomberg data proves.

Concerned that high debt loads would cause international investors to avoid their markets, many nations resorted to austerity measures of reduced spending and increased taxes. These nations belatedly try to restore the fiscal order they discarded in order to fight the worldwide recession.

Adjusting budgets to ignore interest payments, the International Monetary Fund said late last year that the so-called primary deficit in the Group of Seven countries reached an average 5.1 percent in 2010 when also smoothed to ignore large economic swings. The measure will fall to 1.2 percent this year, according to predictions.

The unprecedented retrenchments between 2010 and 2013 amounted to 3.5 percent of U.S. gross domestic product and 3.3 percent of euro-area GDP, according to Julian Callow, chief international economist at Barclays Plc in London.

---


'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'


Copyright 2018 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for FEBRUARY 2018
Say 'No' to Corruption.
That those who have material, political or spiritual power may resist any lure of corruption.


Comments


More Business & Economics

Stock market tumbles, is a recession on the way? Watch

Image of The stock market took a tumble yesterday but may recover today. Nobody is certain of what's next.

Global markets have dropped for the past few days, and just this morning have rebounded. It remains to be seen if the recovery is ... continue reading


Is free money a Christian solution to economic problems? Watch

Image of Is there a Christian solution to our economic problems?

The world is richer and more productive than ever before in history. Yet, income inequality is growing the poverty is on the rise. Middle ... continue reading


Income inequality - Here's why world poverty and hunger remain a problem, frustrating Pope Francis' efforts to solve the crisis Watch

Image of Pope Francis has spearheaded a campaign to end world hunger by 2020.

When Pope Francis accepted the chair of St. Peter, he pledged to end world hunger by 2020. By all appearances, it was an easy win. The math ... continue reading


Jobless claims historic low! - Why workers are getting raises this year, thanks to President Trump Watch

Image of Workers are finally being dealt back into the American Dream, thanks in part to President Trump's economic policies.

Say what you will about President Trump, but American workers are starting to "win" under his administration. Jobless claims have reached a ... continue reading


Retailers are feeling great again, but how about all those tired workers? Watch

Image of Amazon workers are being replaced by robots, but they aren't being laid off either. The growth of online retail means they can fill other roles, as the workload increases.

Early reports from the retail sector show that sales between November 1 and Christmas Eve were up 4.9 percent over last year. Workers ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Information
Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Services
Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

The California Network
Inspiring streaming service

Advertise on Catholic Online
Your ads on catholic.org

Catholic Online Email
Email with Catholic feel

Catholic Online Singles
Safe, secure Catholic dating

The California Studios
World-class post production service

Education
Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

School Teachers
Teacher lesson plans & resources

Support Free Education
Tax deductible support Free education

Socials
Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

Catholic Online Logo

Copyright 2018 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2018 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.