Charles Hugh Smith discusses the debt problem and why more debt is not the answer:
Why The Debt-Dependent Status Quo Is Doomed in One Chart (June 29, 2012)
The global economy is now addicted to debt. Once debt stops expanding, the economy shrivels. But expanding debt forever is unsustainable. Welcome to the endgame.Regardless of whether you call it debt saturation or diminishing return on new debt, the notion that taking on more debt will magically enable us to “grow our way out of debt” is not supported by data.
