The MORE Dangerous Enemy: Deflation, page-3

Thanks Menta

I wished the steps between "mountains of debt" (as governments borrowed everywhere) i.e. government debt, to corporate "we've had more corporate debt than ever" was explained.

Do I misunderstand? The article is making a relationship between the two?

Is this?  - more government debt hence more corporate debt

OR

Is this?  - more total debt hence more government debt AND more corporate debt

My opinion is the later, rather the former?

?

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It is interesting to see chartists having a go at explaining deflation. (re the Poland situ. )