[ninenot]

the economy is still growing at 2-3%

...financed by debt, not saved capital.

That's a REALLY big difference.

At this point, the US consumer is borrowing most of their expenditures.

And the debt is held by PRChina and Japan--so it's "vendor financing."

[nyconse]

In some ways the 'debt economy' we have today resembles the economy of the 1920's....especially in the use of margin. The economy can not stay afloat via debt for long.