On the subject of debt, the world’s response to the 2008-2009 debt inspired banking and financial crisis was to apply even more debt in an attempt to borrow its way out of a crisis caused by too much borrowing in the first place. I’ve never understood the logic behind this strategy but then again I ain’t that smart or very edumacated either. Prior to the 2009 financial and economic crisis non-performing loans stood at 4.2% based on World Bank estimates. In 2015 the level of non-performing loans reached 4.3% or more than 3 trillion Dollars in distressed debt globally as per the World Bank. But don’t worry I’m sure it’s “ahem” different this time.
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