The Greatest Debt Crisis The World Has Ever Seen Is Coming!

• The Greatest Debt Crisis The World Has Ever Seen Is Coming! 
  by Michael Snyder, http://thetruthwins.com/
  The largest mountain of debt in the history of the world just continues to grow even larger, and everyone knows that this colossal debt spiral is not going to end well.  But we all keep playing along because nobody wants the party to end.
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  Right now, there is an unprecedented ocean of red ink covering the planet.  Globally, governments have never been in so much debt, corporations have never been in so much debt and consumers have never been in so much debt.  But every time someone suggests that this is a problem and that we should at least try to get debt levels to settle down a bit, people start screaming that “austerity” will hurt the global economy.  And of course it will.  But we can’t continue to live way, way above our means indefinitely.  Well, we can try, but at some point this entire house of cards is going to come crashing down and we are going to be facing the greatest economic crisis the world has ever seen.
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  It is kind of like watching a slow-motion train wreck that you have no chance of possibly stopping that you know will end up killing lots of innocent people.  This debt crisis is going to end up destroying the global financial system, but there is not a thing that you or I can do to prevent it from happening.  The unprecedented debt binge that we are witnessing right now is going to continue until someday we hit a brick wall of financial disaster.  We can yell and we can scream, but it isn’t going to stop what is happening.
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  As the Telegraph recently noted, even the Bank for International Settlements is warning that debt levels are way too high.  According to the BIS, total public and private debt levels are now 30 percent higher than they were in 2008…
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  “This looks like to me like 2007 all over again, but even worse,” said William White, the BIS’s former chief economist, famous for flagging the wild behavior in the debt markets before the global storm hit in 2008.
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  “All the previous imbalances are still there. Total public and private debt levels are 30pc higher as a share of GDP in the advanced economies than they were then, and we have added a whole new problem with bubbles in emerging markets that are ending in a boom-bust cycle,” said Mr White, now chairman of the OECD’s Economic Development and Review Committee.
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  The BIS can see the disaster coming, but even they have no chance of preventing it.
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  For the rest of this article, I am going to focus on government debt, but please keep in mind that corporate debt and consumer debt are also totally out of control globally.  It would be very hard to overstate the nightmare that we are facing.
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  read more!

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