Update

Mine, 1 December 2010:

There is a lot talk these days about debt. Much of it calls for public-sector austerity. Some goes the other way, claiming austerity will do more harm than good.

None of this discussion is useful.

The topic must shift to private debt, to the reduction of private-sector debt. For only the reduction of private-sector debt can bring an end to our economic troubles.

Only the reduction of private-sector debt will remove the barrier to economic growth. And only growth will allow the public debt to fall.

Marcus, 21 July 2012:

Lately, the “need for deleveraging” has been elected the major culprit in keeping economic recovery under wraps.

Good to hear it, Marcus.