Is debt a concern? The relationship between debt and the capital stock

Many economists, international institutions and investors are concerned that global debt is very high and continues to rise. But one cannot look at debt without looking at its counterpart. If the counterpart of debt is capital, then it is unlikely to be dangerous, since the capital will generate an income to service the debt. If debt has increased faster than capital, the explanation may be that: The debt has financed consumption and not investment; The capital has been debt- more than equity -financed . We therefore compare the evolution of total debt and capital in the United States, the euro zone, Japan, China, emerging countries other than China and the world as a whole. We see a worrying situation (debt outpacing capital): In the United States and Europe until the 2008 crisis; In Japan, China, emerging countries and globally until today.