Major economies around the world are seeing their debt surge. For many years, Japan, Greece and Italy have topped the OECD and IMF’s “wall of shame”, and it appears they will soon be joined by China as the Institute of International Finance recently estimated China’s total debt hit 317 per cent of gross domestic product (GDP) in the first quarter of this year. No one likes the thought of being in debt. After all, it must be paid back. And seeing one’s national debt compared with GDP is depressing and worrisome – just ask the Japanese who have been confronted with eye-watering numbers for decades. As debt rises, it is ... (full story)