“Debt was not used to fund growth – perfectly reasonable – but was used for consumption, speculation and, increasingly, to pay interest on the previous debt as liabilities were rolled over. “

At the heart of the analysis is http://www.businessinsider.com/chilling-economic-report-terrifies-ceos-2012-12#ixzz2G6TRVvG9. A report by the Bank of International Settlements, the study notes, found that the combined debts of the public and private sector in the 18 core members of the OECD rose from 160pc of GDP in 1980 to 321pc in 2010.

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