The debt machine

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Two narratives at play, a good one and a bad one, sees Chris Martenson. The fact that states and banks will have to replace a lot of maturing debt soon plus China’s housing prices falling means we will face a non-happy turn soon.
There are two entirely, completely, utterly different narratives at play here. One of them is that the economy is recovering, policies are working, and the vaunted consumer is either back in the game or close to it. The other is that the world is saturated with debt, there’s no realistic or practical model of growth that could promise its repayment, and the level of austerity required to balance the books is so far beyond the political will of the Western powers that it borders on fantasy to ponder that outcome.