How much debt is in the world? Hasn’t the Fed bought up a lot of it?

According to the Fed’s flow of funds report, at the end of Q1 for 2012, Total Credit Market debt was just under 55 trillion. But when you count all the debt worldwide, including pensions, Medicare and financial derivatives, it’s over a quadrillion dollars’ worth. Since 2008, the Fed has monetized 0.2% of it. And already some of its Board members are nervous about the risk.