🔸Major economies are operating with record leverage in history, so who is really the creditor?



- Japan leads the way with public debt of ~215% of GDP – no other country has ever reached this level.
- The United States ranks 2nd ~125% of GDP, which is near its historical peak.
- The EU is no exception to ~95% of GDP.
- China has also just set a new record, ~93% of GDP. And this number has doubled in just a decade.

🔸As all four economic locomotives accelerate with debt, the world is forced to adopt a more fragile financial structure. If fiat loses confidence, gold and BTC (tài cung) fixed assets will be revalued. In the long run, gold and BTC are still only up.
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