“Debt is an obligation laid upon the future by the past. The larger it gets, the harder it is for the future to happen. There is a correlation between extreme levels of public debt and low economic growth. High levels of debt-to-GDP have been historically associated with low levels of economic growth. That is what has been happening in Japan for the last 23 years… and in Europe and the US for the last seven. These economies are still fighting deleveraging, resisting debt deflation and pretending that they can continue to add debt forever… and that somehow this will get them out of their debt traps. But they are doomed. Without growth they can’t pay the debt. With so much debt, they can’t grow.”
http://www.bonnerandpartners.com/the-massive-problem-threatening-the-global-recovery/
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