It's reached a point where major central banks have few tools left to reinflate credit so as the record level and extent of outstanding debt starts to deflate again unfortunately this time their best coordinated efforts will have the same affect as pushing on a piece of string. Most economists fail to realise that outstanding debt (now more than US$250 trillion globally) can deflate much quicker than central banks can reinflate anyway. Such an era of debt deflation, coupled with credit contraction, would result in financial and banking crises far more severe than 2008.
