BREAKING: Global debt jumped +14 TRILLION in Q2 2025, to a record 337.7 trillion. In the first half of 2025, world debt surged by a massive +21 trillion, a rise comparable to H2 2020, when pandemic responses drove an unprecedented spike in debt. The US, China, France, Germany, the UK, and Japan recorded the largest increases in debt levels, amid a weakening US Dollar. Emerging markets accounted for 3.4 trillion of the increase in Q2, pushing their total debt to 109 trillion, an all-time high. The total Debt-to-GDP ratio now stands at 324%. The debt crisis has gone global.(The Kobeissi Letter)