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The world is drowning in debt, warns Goldman Sachs

Monday, June 1, 2015 | Tag Cloud

Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”

(Worthy News)-- The world is sinking under too much debt and an aging global population means countries' debt piles are in danger of growing out of control, the European chief executive of Goldman Sachs Asset Management has warned.

Andrew Wilson, head of Europe, Middle East and Africa (EMEA), said growing debt piles around the world posed one of the biggest threats to the global economy.

"There is too much debt and this represents a risk to economies. Consequently, there is a clear need to generate growth to work that debt off but, as demographics change, new ways of thinking at a policy level are required to do this," he said.

"The demographics in most major economies – including the US, in Europe and Japan - are a major issue – and present us with the question of how we are going to pay down the huge debt burden. With life expectancy increasing rapidly, we no longer have the young, working populations required to sustain a debt-driven economic model in the same way as we've managed to do in the past." --[wp_colorbox_media url=" " type="iframe" hyperlink="Source"]

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Worthy Christian News » World News » The world is drowning in debt, warns Goldman Sachs

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Worthy Christian News » World News » The world is drowning in debt, warns Goldman Sachs