Essays on Fictitious Capital, Debt Deflation and the Global Crisis by Michael Hudson
This situation confronts society with a choice either to write down debts to a level that can be paid (or indeed, to write them off altogether with a Clean Slate), or to permit creditors to foreclose, concentrating property in their own hands (including whatever assets are in the public domain to be privatized) and imposing a combination of financial and fiscal austerity on the population. This scenario will produce a shrinking debt-ridden and tax-ridden economy.
Continue here ... http://michael-hudson.com/2012/08/overview-the-bubble-and-beyond/
Note: I have purchased and received the book. It is not inexpensive, since it is print-on-demand, but I highly recommend it. Tom Christoffel