Debt Repayment vs. Refinancing: How the World Changed (A Simple Guide)

Why today's financial system can't survive without constant debt refinancing—and what it means for the future.

For most of modern history, the goal for economies was simple: grow, borrow carefully, and eventually repay debts. Today, the story is very different. Governments no longer aim to pay off their debts — they aim to refinance them indefinitely.
In this quick explainer, we’ll unpack why this shift happened, how global events reinforced it, and why recent fi…