What does it mean in layman’s terms to be in debt? It means that instead of either finding innovative ways to produce goods and services or accepting limits in what is produced and can be produced at a given point in time, you borrow money with the expectation of paying it back in future.
The world public debt is $111 trillion, meaning the whole world is spending way beyond its means. However, the US debt stands at $38 trillion which is 34.5% of world debt. Clearly, finance capital is completely out of control here with neither the state nor the capitalists making any attempt to reduce it.
Read in Zero Hedge
