Little relief worldwide three years after Great Recession | The Chronicle Herald

http://www.debtdeflation.com/blogs/2012/07/22/the-crisis-in-1000-words-or-less/

 When those Ponzi Schemes unravel, the rate of growth of debt collapses and the boost to demand from rising debt becomes a drag on demand as debt falls. In all other post-WWII downturns, growth resumed when debt began to rise relative to GDP once more. However the bubble we have just been through has pushed debt levels past anything in recorded history, triggering a deleveraging process that is the hallmark of a Depression.