> Most of it is government debt No, it’s mostly private sector debt. Read further down in the article to where the author separates out government debt, which

> Most of it is government debt No, it’s mostly private sector debt. Read further down in the article to where the author separates out government debt, which is less than 1/3 of the total. Also, you’ve misunderstood the purpose of cheap debt. If the debt encourages growth, the denominator of the debt to GDP ratio increases and the percentage goes down. It’s not a perfect instrument, but it’s simply not true that creative people are flipping government debt into risk-free interest accruing assets elsewhere. It has to be invested to outdo government interest rates. That’s the entire point.