From Private to Public Debt

Note the step change higher in country-level debt in 2008. That's the effect of socializing losses during the credit collapse. The chart shows that this was not just a US thing. It was a global phenomenon.

Note also that the US debt:GDP puts us in some shady company.

In 2008, private debt problems were handed to the countries. Now, as countries around the world begin choking on this debt, who can they hand their problems to?