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By David Scott | Monday 19 March 2018
Citing the law of diminishing returns, Dr Lacy Hunt has demonstrated how more and more debt is being required to boost global output and stop economies shuddering to a halt due to all the strains tearing then in two. In 2007, global debt was 276% of global GDP. Today, global debt is 327% of global GDP. In 2007, a dollar in debt generated 37 cents in GDP growth. In 2017, a dollar in debt created only 31 cents in GDP. The reason is clearly, every increasing amount of debt is not sustainable in the long term, but 2008 appears to have been forgotten in the hedonistic rush of money for free printing, which enables the party to continue and for the ever-ballooning consequences to be kicked down the road, for now.
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