If every country is in debt, where's the money? - Richard Murphy

13th December 2025

Most people believe the national debt is a danger to our economy. In this video, I explain why that story is wrong. National debt isn't a burden; it is our money supply. Every pound, dollar, euro or yen in circulation exists because governments run deficits that create the currency we all use.

So if every country is in debt, who owns it? The answer is revealing. More than 80% of global government debt is privately owned — and largely by pension funds, life assurance companies and, ultimately, the world's wealthiest households. The 1% benefit enormously from the interest payments we all fund.

0:00 — Why This Video Is Being Republished
0:55 — What National Debt Really Is
1:50 — How Much Debt Exists Worldwide
3:05 — The Biggest Debtor Nations
4:25 — Why Every Country Is in Debt
5:30 — Who Actually Owns National Debt
7:05 — Pension Funds and Private Wealth
8:40 — How Interest Payments Enrich the Wealthy
10:20 — What Governments Should Change
12:10 — Why Understanding Debt Matters for Democracy

I also explore what we can do about this: lower interest rates, tax unearned income fairly, and bring more of the money supply under democratic control.

If you want to understand how our economy really works — and why politicians keep getting this wrong — this video is for you.