It's a massive problem and the reason why I follow the works of Steve Keen www.ozdebtwatch.com
so closely.
He's onto something I reckon.
Throwing out the surplus on ill-concieved handouts and interest rate cuts won't help anyone pay back what they owe.
Growth via consumption and endless asset price rises is a Ponzi scheme just like all the others and WILL fail.
what happened "there" happened here but worse, page-3
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