As every Country in the World sees their Debt skyrocket due to Government Spending, COVID Lockdowns, business closures ... at what point do we realize that every one owes everyone else trillions.
Could they not zero out all Global Debt and start over ?
I didn’t realize that much of the debt on the books is Social Security and similar Retirement Pension Plans....
If they wipe out all debt then there is no Retirement.
The U.S. debt reached a new high of $27 trillion as of Oct. 1, 2020.1 Most headlines focus on how much the United States owes China, one of the largest foreign owners. What many people don’t know is that the Social Security Trust Fund, also known as your retirement money, owns most of the national debt. How does that work and what does it mean?
Source: https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124
Social Security trusts, including the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds: $2.91 trillion
Public Debt:
The public holds over $21 trillion, or almost 78%, of the national debt.
Foreign governments hold about a third of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, and pensions funds, insurance companies, and savings bonds.
Foreign: $6.81 trillion (in July 2020, Japan owned $1.29 trillion and China owned $1.07 trillion of U.S. debt, which is more than a third of foreign holdings)
We're a "debt based economy." What that really means is that economic growth is made through the borrowing of money. If we pay it all back, the economy shrinks. And it's all based on trust! It's really quite a frightening concept.