The world's fast-growing mountain of debt
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- ?? 1 2020 thing: Cory Booker has dropped out of the presidential race.
- ?? 1 sports thing: The college football national championship airs tonight on ESPN. Our preview of the game.
- ?? 1 awards thing: "Joker" leads the way among Academy Award nominees, which were announced this morning.
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1 big thing: The world's fast-growing mountain of debt
By: Dion Rabouin ? Newsletter: Axios Markets (sign up here)
The world's total debt surged by some $9 trillion in the first three quarters of 2019, according to data from the Institute of International Finance, bringing the world's total debt load to $253 trillion, or 322% of its GDP — a record high.
Why it matters: In times of economic strength, economists exhort countries to pare back their debt burdens and pay it down to protect against future unrest and downturn.
- The U.S. and the overwhelming majority of the world have done just the opposite — 2019 saw the world's debt-to-GDP ratio rise at the fastest rate since 2016.
- Conversely, global growth fell to its slowest pace since the 2008–2009 financial crisis, showing diminishing returns for the increasingly large debt pile.
Go deeper: Read the full story
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2. The stakes of a swift U.S.-China decoupling
By: Erica Pandey and Alison Snyder ? Newsletter: Axios Future (sign up here)
Illustration: Sarah Grillo/Axios
As the U.S. and China rewrite their rules of engagement, the open exchange of scientific research and talent between the two powers is under scrutiny.
The big picture: Experts warn a "decoupling" of the two global powers — unwinding economic and technological dependencies, as well as raising barriers to collaboration — would destabilize the world and put the U.S.'s innovation edge at risk.
Go deeper: Read the full story
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3. How tech giants are ducking California's new laws
By: Kyle Daly ? Newsletter: Axios Login (sign up here)
Illustration: Eniola Odetunde/Axios
California has two new laws on the books aimed at reining in tech giants. Some of the biggest companies they're aimed at plan to dodge them.
Why it matters: Powerful, moneyed tech firms are always going to have the will and the resources to try to evade regulation. That puts the onus on legislators to craft smarter, tighter laws with fewer loopholes.
Go deeper: Read the full story
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