Major economies that neglect to address their mounting debts will suffer a “fiscal death,” the head of venture capital firm Laffer Tengler Invesments, Arthur Laffer, has cautioned.

In an interview with CNBC this week, he anticipated a “decade of debt,” adding that both developing and emerging economies are afflicted, and it won’t “end well.”

Worldwide debts have swelled by $100 trillion from 10 years prior and hit a record of $307.4 trillion last September, in the midst of the greatest increase in worldwide financing costs in 40 years, according to the financial expert.

Well off nations like the US, UK, France, and Japan represent over 80% of that growth because of their uncontrolled issuance of debt. Among emerging markets, China, India, and Brazil saw the greatest increase in borrowing.

“I would expect that some of the bigger countries that don’t address their debt issues will die a slow fiscal death,” Laffer said, noting a few emerging economies “could quite conceivably go bankrupt.” While low-income nations have the highest risk, advanced economies are at tremendous risk as well when it comes to paying back debt due to an aging population and the lack of a workforce generating the income to tax.

Currently the share of debt has reached a mind-blowing 336% of global GDP, as opposed to the average debt-to-GDP ratio for advanced economies of 110% in 2012, according to the most recent report from the Institute of International Finance, which claims that the US is facing a “death spiral” of growing debt.