We're Eating Our Seed Corn

What will break is not as predictable as the reality that the current trajectory is untenable and unsustainable.

If we're limited to our income, there's only so much we can spend on consumption and servicing existing debts, and invest / save to build capital / future income.

If we have access to the miraculous elixir of credit, we can expand our spending / investing by borrowing more money. This boosts our consumption and perhaps our investing, but it also increase…