Possible economic dreariness, a warning

Go here and read, but be cheerful when you start, it's heavy going:

http://www.thinkingpeace.com/pages/arts2/arts355.html

According to the economist Andre Gunder Frank, "All Uncle Sam's debt, including private household consumer credit-card, mortgage etc., debt of about $10 trillion, plus corporate and financial, with options, derivatives and the like, and state and local government debt comes to an unvisualizable, indeed unimaginable, $37 trillion, which is nearly four times Uncle Sam's GDP [gross domestic product]." This rising level of indebtedness will become a huge deflationary weight on economic activity if debt growth should seriously slow – which is the economic equivalent of a catch-22.