I wonder if mountains of government and private debt in both developed nations and emerging markets could be choking out trade and capital expenditures. It als

I wonder if mountains of government and private debt in both developed nations and emerging markets could be choking out trade and capital expenditures. It also might not help that central banks around the world are in the midst of competitive devaluation, which is nothing less than a currency war. Incidentally the "wonder years" of global trade cited in the article are 1950-1973, which is closely aligned with the Bretton Woods agreement that linked all currencies indirectly to gold through the US dollar, effectively eliminating floating exchange rates. Same phenomenon occurred with the classical gold standard after the worldwide demonetization of silver in the 1870's through the start of WWI. http://www.westga.edu/~rbest/finc4521/section1/powerpoint/chap2.pdf http://www.westga.edu/~rbest/finc4521/section1/powerpoint/ch...