"There’s really one supreme element of this story that you must keep in view at all times: a society (i.e. an economy + a polity = a political economy) based on debt that will never be paid back is certain to crack up. Its institutions will stop functioning. Its business activities will seize up. Its leaders will be demoralized. Its denizens will act up and act out. Its wealth will evaporate." - James Howard Kunstler, blogging at Kunstler.com
The rest of this week's post was hit and miss. But that opening graph should be well heeded.
Foundations built on mountains of debt are probably less stable than those built on sand.