US Debt Reaches $40 Trillion, 'Ticking Time Bomb' Warning for Global Economy

As US public debt hit a record level of $40.047 trillion, annual interest payments on borrowing also reached $1 trillion.

In the dollar system described by former French President Giscard d'Estaing as 'exorbitant privilege,' the US buys the world's wealth by borrowing in its own currency; however, this cycle has now entered a…