The public debt of Nigeria is increasing. On a population of 120,000,000 in 1999 the total debt was ₦3.3 Trillion. At 31-12-2017, on a population of 197,000,000 the public debt of Nigeria skyrocketed to ₦21.7 Trillion. So within less than 20 years the debt of each Nigerian rose from ₦27,500 to ₦110,000, which is about ($305 per Nigerian). This is however less bad compared to the US National debt, that rose from $5.8 Trillion to $22,5 Trillion, which is (on a population of 328,000,000) about $70,000 per US citizen.
Global Debt to GDP is also rising strongly. According to the Washington Post you should consider it to be a Global Debt Bomb: "The untold story of the world economy — so far at least — is the potentially explosive interaction between the spreading trade war and the overhang of global debt, estimated at a staggering $247 trillion." This means that the average person on earth has a debt of: $32,500.
In 1974 the global debt was about $5 Trillion, now in 2018 it is $247 Trillion. The inflation during the period 1974-2018 = 511%. This means if we correct the $5 Trillion to today's dollars it would be $5T x 5.11 = $25.55 Trillion. The world population rose in this period from 4 Billion to 7.6 Billion. This means the debt per person was $1,250 in 1974. We need to correct this however with inflation. After that correction, the average person in the world owed about $6,400 to the commercial bankers in 1974. Now this is $32,500 per living soul. So our debt - after inflation is corrected - has increased 5.07 times.
The world GDP (corrected to 2018 dollars) rose from $11.1 Trillion in 1980 to $87.5 Trillion in 2018. So per person we produced $2,500 in 1980 and $11,500 in 2018. So even now we produce almost 5 times more per person, our debt increased 5 times per person in the last 44 years. The global debt is owed by governments, individuals and companies to commercial banks and to approximately 3 Million very wealthy people that hold the most important shares of these banks.
Remember: this public debt is growing stronger than our GDP and currently is over 200% of the global GDP. This means we need to spend the entire GDP of two years to pay off this debt. But never in the last 45 years we were able to reduce this debt with any significance. No government will be elected over a massive debt reduction. When the economy is good, governments see it as proof that it is not bad to have debt. When the economy is bad there is no money to reduce debt. With robotization and AI coming, it is simply impossible that the common working class will ever be able to decrease this debt. And multinationals can't be taxed. This means that 99.96% of all people will see their wealth structurally decrease in the future. There is no way in the current system to resolve or avoid this situation. When this is clear, normally your acountant tells you one word: "bankrupt".
THE WORLD IS BANKRUPT
What do you do when the world is bankrupt? Normally you go to your creditors and try to do a debt restructuring. But this problem is global and a group of probably less then 3 million private people need to come together and make a deal with all governments, all companies and all civilians and let go of their claim freely - which means they need to distribute all the credit they've built to everyone else. And they should do this without any restrictions.
WHERE ARE THE CREDITORS?
Forbes has pinned down a record 2,208 billionaires from 72 countries and territories including the first ever from Hungary and Zimbabwe. This elite group is worth $9.1 trillion, up 18% in 2017. The combined wealth of the world’s millionaires rose for a sixth straight year and topped $70 trillion for the first time ever in 2017.
Now let's assume a billionaire with $100 billion of assets. These assets are shares of companies, real estate, stuff like cars, plains, boats furniture and clothes and money in the bank. And let's assume this billionaire ownes a lot of shares of a commercial bank. Let's say he used half of his assets ($50 Billion of his wealth) to buy these shares. His net worth is still $100 Billion. With this $50 Billion, this particular bank can create about $600 Billion of loans. Now lets assume people redeem these loans in 10 years and pay 5% of interest, then this $50 Billion investment provides a return of $60 Billion per year (redemption) + $30 Billion of interest. Then this bank needs to pay it's management and employees, and pay for their buildings, cars and computers. This is what built cities like London and New York.
WHAT IF CREDITORS SIMPLY ABANDON THEIR CLAIMS AND ERASE ALL DEBT?
Now let's imagine this group could be persuaded to reduce the global debt with 90%. Without any strings attached. The Global debt would reduce to $25 Trillion, which was the situation in 1974. But what then? Public spending will continue and the poverty gap will keep increasing again. In fact almost nothing will change. Our children still will have to work harder and will see their wealth decreasing.
THERE IS ONLY ONE WAY OUT
But this debt restructuring is not going to happen. The effects of the a notion that the world is going to be bankrupt will cause a multitude of issues with security. Just imagine what happened in Greece and multiply that with 2 or more? It is probably not smart to wait for the turmoil and start using the UBI-Wallet cryptocurrency - that obviously needs to be totally separate from all Fiat currencies and listed cryptocurrencies - parallel. So that whenever the crash comes, we can simply step over.