The net result: an over-indebted, overcapacity economy cannot generate real expansion. It can only generate speculative asset bubbles that will implode, destroying the latest round of phantom collateral.
Here are three charts that illustrate #14:
Eurozone credit since the inception of the euro. This is roughly equivalent to TCMDO (Total Credit Market Debt Owed) in the U.S.
Eurozone credit growth:
Money velocity in the U.S.:
That is the endgame in three charts. Checkmate, game over.
That velocity chart is scary as hell. We’re in a Great Depression, folks.