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We pull apart the $350 trillion global debt figure and follow the thread from 17th‑century share issuance to modern bank credit and QE, showing how debt became a permanent claim on tomorrow. Along the way, we map the startup playbook to a cancer metaphor to explain endless growth pressure and the local fallout it creates.

• global debt as a circular ledger and claim on future output
• bonds as tradable promises held by pensions, banks, states, and central banks
• the shift from commerce to capitalism via VOC and stock markets
• birth of sovereign debt and growth as collateral
• bank credit creation, interest gaps, and forced expansion
• QE’s role in asset inflation, bubbles, and zombie firms
• startup growth phases mirroring cancer dynamics
• local effects on rent, small business survival, and inequality

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