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2012: The year debt swallowed the world Add to ...

Government debt across the globe totals more than $49 trillion—and each minute that passes, the figure rises by $5 million. Europe’s acute sovereign debt crisis and our country’s ongoing inability to pay its bills—our debt has increased 50% to $1.5 trillion since 2006—remain a constant cause of concern. The most-indebted nations, however, boast government debts exceeding 100% of GDP. If this were the Debt Olympics, Japan would easily take gold.

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