Alarm at this unanticipated development is expressed in a new report by a blue-ribbon panel of senior economists and former central bankers. The latest Geneva Report issued by the International Centre for Monetary and Banking Studies warns of the impending return on a larger scale of the 2007-08 crisis from which the mass of the world's population has not yet recovered. Entitled "Deleveraging? What Deleveraging?", it cites a "poisonous combination of high and rising global debt and slowing nominal GDP" which has seen total private and public world debt rise from 200% of national income at the depth of the economic downturn in 2009 to 220% year.
The report is the subject of two articles today from opposite ends of the political spectrum - the first by the Marxist economist and blogger Michael Roberts; the second by Jeremy Warner, the economics columnist of the conservative Telegraph in Britain. See:
http://thenextrecession.wordpress.com/2014/09/30/debt-deleveraging-and-depression/