If anything, the U.S. began ramping up it's borrowing years later than the rest of the world, particularly Europe. But the shortage of funds available to buy the debt securities issued to fund sovereign debt is reaching it's limits.

In the coming year, the collective total of deficit spending by nations in the world will total approximately $5.4 trillion dollars. Of that, the U.S. will have to borrow $3.2 trillion, about 60% of the total sovereign debt in the world. That's the bad news. The good news is that the risk-rating of debt issued by the U.S. government is still far superior to that of other nations. What that means is that those buyers with the liquidity to buy sovereign debt instruments will very likely be drawn to the purchase of U.S. debt. While it will pay a lower interest rate, it will also represent materially less risk than the debt of other nation-states.

What's scary about these numbers is that the amount of debt projected to be borrowed is about 3.75 times the combined gross national product of all the countries in the world--an all-time historical high by quite a margin.