The commodity and emerging market booms
are breaking in unison, leaving no more bubbles
left to burst. Almost every corner of the world
is now being drawn into the vortex of debt deflation.
But it will not spare us a decade-long toil
of pitiful growth – or none at all –
as we purge debt. The world stole prosperity
from the future for year after year,
with the full collusion of governments,
regulators, and central banks.
Now the future has arrived.
— Ambrose Evans-Pritchard, Telegraph.co.uk: Do our rulers know enough to avoid a 1930s replay?