Many seem to believe that if we worked our way out of debt problems in the past, we can do the same thing again. The same assets may have new owners, but everything will work together in the long run. Businesses will continue operating, and people will continue to have jobs. We may have to adjust monetary policy, or perhaps regulation of financial institutions, but that is about all.
I think this is where the story goes wrong. The situation we have now is very different, and far worse, than what happened in the past.~ Gail Tverberg from, http://ourfiniteworld.com/2014/07/07/debt-eight-reasons-this-time-is-different/