The risk to the global economy comes from national debt crises. Before the COVID pandemic, there were many countries in poor financial helath, and the subsidies give during the pandemic will eventually come at a price. After the recent period of interest rate hikes by central banks, debt problems will follow. In the past two years, countries have injected as much as US$17 trillion in subsidies, and the side effects of China’s Belt and Road spending prior to the pandemic are starting to brew in countries with poor capital structures.