Interest costs on global government debt have never been higher: Gross interest expenditure among OECD countries surged +$180 billion YoY in 2025, to a record $2.24 trillion. This marks the 4th consecutive annual increase, totaling +$960 billion. The US accounted for ~65% of the total, at $1.45 trillion, while the EU represented ~18%, or $400 billion. As a % of global GDP, gross interest costs stood at ~3.2% last year, their 2nd-highest level in at least 20 years. Meanwhile, OECD countries are estimated to borrow another $18 trillion in 2026, the highest annual total on record. The global debt crisis is spiraling out of control.(The Kobeissi Letter)