[W]e’re doing the same thing that led to the 2008 blowup — we’ve learned exactly nothing. In real terms our GDP is in fact contracting by about $500 billion a quarter, after adjusting for debt expansion — that’s $2 trillion a year, more or less. – The Market Ticker

 

by Karl Denninger at The Market Ticker

EXCERPTS:

Consumer debt has gone exactly nowhere.  The so-called “recovery” has been carried by business debt that has grown at a rate roughly double that of economic expansion, and the government is growing debt at a rate more than triple that rate.

….. we’re contracting in purchasing power adjusted for new debt at more than 10% over the last four quarters.

It gets worse.

FULL ARTICLE

Also please consider:

A Message from Lord Vader

Has Obama Already Bankrupted America?

Is The Fed Acting Like a Day Trader?

17 Reasons the $17 Trillion Debt Is Still a Big Deal

Government Zombie Policies and the Rationing of Retirement

 

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