Comparing debt to GDP is a dumb though. You’re comparing a stock to a flow, but it’s a flow that doesn’t have any meaningful relationship to the stock. GDP doe

Comparing debt to GDP is a dumb though. You’re comparing a stock to a flow, but it’s a flow that doesn’t have any meaningful relationship to the stock. GDP doesn’t tell you very much about the serviceability of the debt. What we probably need is some sort of “serviceability score” that accounts for interest rates on the debt, rollover dates, tax collection, currency regime, etc. But that’s basically what ratings agencies do.