The unwinding of Anglo-Saxon debt will slow economic growth for years.
Financiers, now unchecked by regulation or restrictions on leverage, can monetize many kinds of future revenue streams today, generating instant profits they and their clients can capture.
A few years of economic growth will be spent just making good on the liabilities incurred in the process by the productive part of the economy.
Which means that even if we work well we'll feel poor - again, according to macro-statistics. It was already that way to a large extent for a majority of the population even though the macro statistics were looking good; now that things will be bad on aggregate, the question now will be the sharing of the pain during these bad times. In the long run, we're all dead. John Maynard Keynes
Don't hold your breath. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
