Many governments have issued more bonds, i.e., borrowed more, relative to their gdp, than is practical and wise. The ability of these governments to pay back the principal through taxation, therefore, is only realistic if they contract the scope of their government and thereby promote private enterprise growth. This will halt the accumulation of new debt and allow for healthy tax revenue. But as government spending and regulation continue unabated, this is keeping the debt pile growing, and the payoff point - even with correction actions being taken - is being pushed out ever farther.
These bonds are owned as assets by the private sector. If the principal can’t be repaid, and all these governments are merely issuing new debt to pay old, that is the definition of a ponzi scheme.
Borrow and spend must stop soon.
Oh don’t you worry.
It will stop very soon, and very sudden.
Sorta wall-like.