Broke & Broken - World Debt

The UK owes £4.8 trillion - (A sum of money it is impossible to comprehend & which covers all liabilities). The National Debt is different & stands at over £1 trillion.
http://www.nationaldebtclock.co.uk/

It is arguable that this money can never be repaid.

We have Government Debt & World Liabilities.

We borrow money from:-

• UK pension funds/insurance companies (29%)
• Private corporations / other financial institutions
• UK building societies. (e.g. building societies buy government gilts to invest their savings to get a decent return.)
• UK Banks
• UK Private investors
• Foreign investors (foreign banks and foreign investment firms (2015 approx 25%)
• Bank of England Asset Purchase facility (Quantitative easing)

https://www.economicshelp.org/blog/4098/economics/who-does-the-uk-owe-money-to/

We are broke & have been for years. We are not alone - Japan, Greece, Italy & America are in the list of top 10 most indebted countries in relation to their Gross National Product (GDP). The world is broke & no one is fixing it.
https://www.statista.com/statistics/268177/countries-with-the-highest-public-debt/

 

I'm not a statistician or a financial whizz. I can barely do my personal banking. In my simplistic way of operating this seems completely unsustainable & actually bonkers! I can only come to the conclusion that the Free Market, Capitalist model is so broken that it is not possible to fix it.

What I don't understand is why anyone, in their right mind, lends money to countries who obviously don't know how to balance their books or spend money wisely? Again, in my very simplistic way of looking at this, all the money that is sloshing around in the world is worth b..... all. It's worthless bits of pretty paper & soon everyone is going to realise that.

God, (if s/he is out there), alone knows what will happen then.