World debt · mid 2026$365.5TAbout 310% of world output
US debt · 1 Oct 2026$40.26TInterest $1.04T a year, above $885bn defence
World FX reserves$13.22T56.7% held in US dollars
US money-market funds$7.89TCash waiting, week to 30 Sep 2026
01 · The total
Governments lead
2025: governments $106.7T, companies $100.6T, households $64.6T.
interest builds nothing.
02 · Borrowers
US owes a third
$38.3T of about $111T world government debt in 2025.
borrowing to stand still spends your children's wages.
03 · Burden
Japan 230% of GDP
UAE and Saudi near a third. IMF sees world at 100% by 2029.
debt for nothing productive is the sin.
04 · The hoard
China $3.44T
More reserves than Japan, Russia and India combined.
hoarded money is dead money.
05 · The metal
1,000t+ gold a year
2022 to 2024 each topped 1,000 tonnes. 2025 slowed to 863t.
when paper loses trust, people run to metal.
06 · The savers
Norway $2.1T
4 of the top 8 funds are Gulf: ADIA, PIF, KIA, QIA, about $3.9T.
saving that keeps money moving is stewardship.
My read
Nations that trust the system borrow. Nations that do not, buy gold and pile up reserves.
The borrowers worry me more. In the US, interest now costs more than defence.
Two kinds of saver
- WorkingNorway and Gulf funds invest in firms, buildings, jobs
- StillReserves in foreign bonds, gold in vaults
See the charts
Page 2 has the 6 hand-drawn charts, every number explained and all sources.