The Bloomberg headline reads:
and, along with the graphic below from the associated BIS report(.pdf), that should serve as the latest warning to financial markets around the world that things aren’t as rosy as the recent rise in virtually all asset prices might imply.
Writes the BIS:
Not surprisingly, given the significant expansion in government spending in recent years, governments (including central, state and local governments) have been the largest debt issuers (Graph C, left-hand panel). They mostly issue debt in domestic markets, where amounts outstanding reached $43 trillion in June 2013, about 80% higher than in mid-2007 (as indicated by the yellow area in Graph C, left-hand panel).