BREAKING: Global debt surged +$29 trillion in 2025, to a record $348 trillion. This marks the biggest annual increase since the 2020 pandemic. The surge was particularly driven by governments, which added +$10 trillion, with the US, China, and the Euro Area responsible for roughly three-quarters of the increase. This brings the global government debt to $107 trillion, an all-time high. Furthermore, non-financial corporate debt rose to a record $101 trillion, with AI-related investment a major driver of corporate borrowing. Meanwhile, the total debt of emerging markets rose to a record $117 trillion, with a Debt-to-GDP ratio of 235%, also an all-time high. The global debt crisis is reaching unprecedented levels.(The Kobeissi Letter)