The global debt crisis has never been worse. Japan now has a gross government Debt-to-GDP ratio of 204.4%, the highest among any major world economy. Italy follows at 138.4%, while the United States stands at 125.8%, which is only below the ~132.0% record set during the 2020 pandemic. At the same time, France’s gross government Debt-to-GDP ratio is 118.4%, while Canada’s, China’s, and the UK’s are 110.7%, 106.9%, and 103.6%, respectively. By comparison, Germany is the only major economy below 100.0%, at 64.6%. The current average among advanced economies is 108.2%. The world economy is drowning in debt.