The memories of elephants
Global debt finished 4Q at $281 trillion: 3.56x = $281 trillion, so x = $78.93 trillion global GDP.
US GDP in 2020 was $20.9 trillion, TCMDO was $83.49 trillion (almost 400%).
What could go wrong, right? You are fully invested in stonks, amirite?!
The problem is that the global corporate sector has been caught in the COVID-19 shock with unprecedented levels of financial leverage; global debt on non-financial corporations was $71 trillion at the end of 2018, representing 93% of global GDP.
