Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan's national debt currently sits at ¥1,028 trillion ($9.087 trillion USD).
Foreign governments who have purchased U.S. treasuries include China, Japan, Brazil, Ireland, the U.K. and others. China represents 29 percent of all treasuries issued to other countries, which corresponds to $1.18 trillion.
Global Debt Reaches a Record $226 Trillion.
Most countries – from those developing their economies to the world's richest nations – issue debt in order to finance their growth. This is similar to how a business will take out a loan to finance a new project, or how a family might take out a loan to buy a home.
In fact, according to one astrophysicist who came up with a calculation for valuing planets, Earth is worth a bank-breaking $5 quadrillion dollars, unsurprisingly the priciest in the solar-system.
Key Takeaways. There are a number of methods to reduce the U.S. national debt that go beyond simply raising taxes and cutting discretionary spending. One of the most controversial would be to open the nation's borders to immigration, kick-starting entrepreneurship and consumption.
Russia is teetering on the edge of a possible sovereign debt default, and the first sign could come as soon as Wednesday. The Russian government owes about $40 billion in debt denominated in U.S. dollars and euros, and half of those bonds are owned by foreign investors.
Unless there is an increase in economic activity commensurate with the amount of money that is created, printing money to pay off the debt would make inflation worse. This would be, as the saying goes, "too much money chasing too few goods."
Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and individual investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.
Borrowing from abroad can help countries grow faster by financing productive investment, and it can also cushion the impact of economic disruptions. But if a country or government accumulates debt beyond what it is able to service, a debt crisis can erupt with potentially large economic and social costs.
What would really happen? The economy would slump. Consumer spending is roughly 70 percent of GDP.. Since, according to the Federal Reserve Bank of St. Louis, the savings rate is currently 3.7 percent, increasing the savings rate—a corollary to paying off debt—would mean a decrease in spending by 26.3 percent.
China's debt is more than 250 percent of GDP, higher than the United States.
Which Country Owes the Most Money to China? Venezuela is the country with the greatest sovereign debt exposure to China, in terms of direct lending (excluding portfolio holdings), according to AidData's 2021 study, totaling $74.7 billion.
The U.S. national debt is so big because Congress continues both deficit spending and tax cuts. If steps are not taken, the ability for the U.S. to pay back its debt will come into question, affecting the global economy.
However, President Andrew Jackson shrank that debt to zero in 1835. It was the only time in U.S. history when the country was free of debt.
As a result, the U.S. actually did become debt free, for the first and only time, at the beginning of 1835 and stayed that way until 1837. It remains the only time that a major country was without debt. Jackson and his followers believed that freedom from debt was the linchpin in establishing a free republic.
What happens if the U.S. defaults? If Congress doesn't suspend or raise the debt ceiling, the government would not be able to borrow additional funds to meet its obligations, including interest payments to bondholders.
No, people cannot legally buy planets, at least for now. There isn't any way to legally enforce a claim to a planet, and courts have rejected similar claims in the past. International law forbids countries from claiming any celestial body, meaning a nation cannot grant space real estate to its citizens.
The world's primary feudal landowner is Queen Elizabeth II. She is Queen of 32 countries, head of a Commonwealth of 54 countries in which a quarter of the world's population lives, and legal owner of about 6.6 billion acres of land, one-sixth of the earth's land surface.
Article II of the Outer Space Treaty states, “Outer space, including the moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means.” In short, nobody can claim ownership of Mars or land on Mars, or do so with any other ...