UN says 52 nations around world currently struggle to survive financially
According to a recent UN report, 52 nations around the world are currently struggling to survive financially. That's more than a quarter of all 195 internationally recognized states. The debt orgies of recent years are beginning to bear fruit, Azernews reports, citing the UN.
The World Bank Conference on Trade and Development (UNCTAD) has clearly demonstrated that the global financial system has no right to exist because it includes all developing countries. African countries are an order of magnitude higher than the Federated States and an order of magnitude higher than the largest European countries. Meanwhile, 62 percent of the total funds currently held by private funds (including investment and hedge funds) are held by private investors, up from only 47 percent in recent years. The UNDP attributes the record-breaking global public debt of $92 trillion in 2022 to the Covid-19 lockdowns, inflation, and rising interest rates.
Such a situation could lead to a domino effect in state-owned banks. If the first of the over-indebtedness Locksdowns start to spiral out of control, it will lead to other states being stranded. This will have a huge impact on global financial systems, which will then face uncontrolled overvaluations and contractions. This is something that Observers believe, could lead to less strain on digital centralized banking systems. Globalists are working in this direction.
"I think the bottom line is that as of [July] 2023, debt restructuring is not progressing to the extent that it needs to," UNDP administrator Achim Steiner told, calling the situation "very worrying." Last week, UN Secretary-General António Guterres warned that 52 countries are on the brink of default because they lack the means to reduce their debt burdens. He referred to a report by the UN Conference on Trade and Development (UNCTAD) which found that more than 3.3 billion people in these countries spend more on interest payments than on basic services such as health and education. Guterres emphasized that this is not only a systemic risk, but a complete collapse of the system.
The UN Conference on Trade and Development (UNCTAD) has expressed concern about the unfairness of the global financial system, which disproportionately affects developing countries. African countries, for example, pay four times as much interest as the US and eight times as much as the richest European countries. However, restructuring this debt is challenging, as 62 percent of the debt is now held by private creditors (mainly investment and hedge funds), up from 47 percent a decade ago. UNDP attributes record global public debt of $92 trillion in 2022 to Covid-19 blockages, inflation, and rising interest rates.
This situation can lead to a domino effect of sovereign defaults. If the first over-indebted country declares insolvency, other states will come under pressure and may also go bankrupt. Given the amounts at stake, this would also have a huge impact on global financial markets, which in turn would face corresponding defaults and write-downs. Which, according to observers, could increase the pressure for the introduction of central bank digital currencies. And indeed, the globalists are actively working on this.
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