For a number of years we highlighted the twin problems of debt and demographics, and the political risks if the politicians did not get to grips with their implications.
As debt levels increase to ever more giddy levels, the diversion of capital and payments of interest act like sucking oxygen out of the economy.
As populations age, consumer spending is more subdued and State commitments rise.
And lack of political leadership has allowed unelected central bankers to make it up as they go along, and a bad situation in 2007-2009 is now even worse. [read more]