BREAKING: Global debt surged +$8 trillion in Q3 2025, to a record $346 TRILLION. Debt balances of developed countries rose to a record $231 trillion, while emerging-market debt jumped to $115 trillion, an all-time high. The US and China accounted for nearly 33% of the increase. In the first 3 quarters of 2025, global debt has surged a whopping +$26.4 trillion, or +$677 billion every week. As a consequence, the total Debt-to-GDP ratio rose to 310%, the highest since Q1 2024. The world debt crisis is growing.(The Kobeissi Letter)