National debt used to worry me, now I’m not sure it even matters.
When we have tens of billions or robots and AI in everything, money will become obsolete, and everyone will be incredibly wealthy.
It will be fairly gradual over the coming decade or two, accelerating more every year, but it’s largely inevitable at this point.
Debts and monetary wealth will dissolve together when money is no longer relevant.
BREAKING: Global debt jumped by more than +$10 trillion in H1 2026, to a record $365 trillion.
Emerging-market debt drove the increase, rising +$6.5 trillion, to a record $110 trillion, with most of the surge coming from governments and non-financial companies.
Excluding China, emerging-market and developing-economy debt soared to a record $38 trillion.
Global debt now stands at ~310% of global GDP, although the ratio has fallen -25 percentage points from its early-2021 peak, largely because inflation has boosted nominal GDP rather than because of deleveraging.
Meanwhile, developed economies paid more than $3.3 trillion in interest on marketable government debt over the last year, exceeding estimated global spending on AI at $2.6 trillion, defense at $3.1 trillion, and clean energy at $2.3 trillion.
This comes as annual government interest payments across the G7 alone surged +85% YoY.
The global debt crisis is in uncharted territory.