Government debt across major economies has reached levels that would have looked extreme only a decade ago. The Kobeissi Letter shared IMF data showing Japan with gross government debt near 204.4% of GDP, Italy around 138.4%, the U.S. at 125.8%, France near 118.4%, Canada around 110.7%, China 106.9% and the UK 103.6%. Germany remains much lower at roughly 64.6%.