Not only is that the problem in the United States, but it’s also the problem around the rest of the world. We’re all trapped in this debt sclerosis. U.S. public and private debt is about 346%; it’s been rising now for three quarters, we no longer de-leveraging here. And the Eurozone, in all in the 17 countries there, the debt figures are a hundred percentage points higher; higher still in the UK. And then in Japan, public and private debt is about 650%. What’s significant is that the countries with the higher debt levels are performing the worst, which is very consistent with the academic studies. I mean Europe is in the process of triple dipping. Japan remains mired in difficulty; their economy declined in the first half of the year.
Central planning did not work in China, the USSR, North Korea, Vietnam and a host of other countries and it won't work in the USA, Europe and Japan. People there will pay a big price for the idiots that think that they create any kind of increase in standards of living through government fiat.
Lacy Hunt: The World Economy's Terminal Case Of Debt Sclerosis | Zero Hedge