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SUBSCRIBE ➡️ https://bit.ly/4b8vvDh Every country is in debt — but nobody asks the real question: if everyone owes money, who is the real creditor? The United States owes over $38 trillion, Europe $14 trillion, and Japan $9 trillion. Global debt now exceeds $315 trillion — nearly three times the size of the world economy. Yet the system keeps running. How? Because governments aren’t trying to pay off their debts — they are simply rolling them over. In this episode of Economic Historian, we reveal how debt became the foundation of modern finance and why the entire system is built on trust rather than repayment. You’ll learn: How sovereign bonds became the backbone of modern finance. Who really holds America’s debt — and why most of it is domestic. Why no country plans to repay the principal — and what would happen if they tried. How central banks quietly create money through debt. Why the real “creditors” are not countries or billionaires, but a system of endless obligations. Once you understand how the global debt system truly works, the word “deficit” will never mean the same thing again. #EconomicHistorian #globaldebt #SovereignBonds #economicinequality #globaleconomy