If Every Country Is in Debt… Who’s the Creditor?
Fri 6:11 pm +00:00, 31 Oct 2025https://youtu.be/Q3UI39q-M0Q?si=xW3E4oxNnTJQpQHK
Every country on Earth is drowning in debt — but nobody ever asks the real question: if everyone owes money… who’s the creditor?
The United States owes over $38 trillion. Europe owes $14 trillion. Japan owes $9 trillion. Global debt now exceeds $315 trillion — nearly three times the size of the world economy. Yet somehow, the system keeps running. How? Because governments aren’t trying to pay their debts off — they’re rolling them over forever.
In this episode of The Financial Historian, we reveal how modern economies turned debt into money itself — and why the entire system depends on confidence, not repayment. You’ll learn:
How sovereign bonds became the foundation of modern finance.
Who really owns America’s debt (and why it’s mostly Americans).
Why countries don’t ever plan to repay the principal — and what would happen if they tried.
How central banks quietly manufacture debt to create money.
And how the world’s “creditors” aren’t nations or billionaires — but a system of endless promises.
Once you see how the global debt machine really works, you’ll never hear the word “deficit” the same way again.
