The Global Economic Crisis can be summed up in one word, DEBT. Economic expansion is a direct result of Credit expansion or DEBT expansion. As long as the DEBT keeps growing, there is Economic growth in a nation or corporation or the whole world. Problem is that sooner or later, the ability of the borrower to pay back its debts becomes too great to handle and then comes the crisis. This formula has been repeated with very predictable results throughout history; the result being Economic Recession or Depression. Since the scale of the DEBT has never been greater in history, the resulting Recession / Depression will not qualify as a Crisis, it will be a CATASTROPHE. And since the world has never been interlinked economically as it is today through Globalization of the Financial / Banking industry through global acceptance of the US dollar, when the DEBT GIANT BUBBLE finally blows up, the shockwave will hit every corner of our world, and will truly be the end of the world as we know it.
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