Apparently, there has been little fear of debt and less respect for the ancient lessons on debt from Proverbs to Jefferson. So, the world, by not heeding the warnings on debt, has been brought to this horrible financial condition. A condition that deteriorates by the day.
Why did so many people, worldwide, follow such a bad model of over-leveraging?
How did the world get so long on knowledge and get so short on wisdom?
Even now, few seem to realize that debt has to be worked out of the system in a slow, long, and painful way.