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The reason why there is more debt than money in circulation can be explained by the creation of credit money. When a bank issues a loan, it creates credit money and debt at the same time. The total debt in society and the total money in circulation are both increased by the same amount, which is the principal of the loan.
Starting from a debt of ~ Rs. 3.06 trillion (US$11 billion) at the beginning of General Musharraf regime in 1999, the debt stood at ~ Rs. 62.5 trillion (US$220 billion) at the end of the Imran Khan government in 2022. While the debt grew at around 14 percent per year on average, the GDP was growing at only 3 percent per year on average.
The external debt/GDP ratio rose from 42% to 50%, accompanied by increases in the external debt/exports ratio (from 209% to 258%) and the debt service ratio (from 18% to 27%). A deteriorating external debt profile led to a rise in domestic debt, reaching Rs. 909 billion, and a domestic debt/GDP ratio of 42%.
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“America just cannot stop borrowing.”
While median minimum monthly debt payments for U.S. consumers grew by 32% between 2020 and 2023, for younger Americans that figure is a staggering 74%.
Per capita GNP growth rate from 1985 to 1995 was only 1.2 percent per annum, substantially lower than India (3.2), Bangladesh (2.1), and Sri Lanka (2.6). [2] The inflation rate in Pakistan has averaged 7.99 percent from 1957 until 2015, reaching an all-time high of 37.81 percent in December 1973 and a record low of -10.32 percent in February 1959.
Intragovernmental debt accounts for about $6.8 trillion of the national debt, the CRFB reported in September when the debt crossed the $33 trillion mark. The much bigger piece of the debt is held ...