“While most have been worrying about the public debt and its unwieldy proportions, private debt too has been sneaking up on us … . The situation could make a readjustment in the case of a recession very difficult. It was the attempted liquidation through the market of a vast volume of private debt that brought on the 1929 debacle, at least in large part.”
You probably guessed it wasn’t written yesterday, or I wouldn’t have quoted it. But it could have been. Today’s problems have plenty of echoes from the past.