More on Unsustainable Debt

Things that can't go on forever won't. While this makes the assumption that the borrowed funds weren't invested in things that will generate even more income in the future, not sure how this can end well... From the Economist:

High private debt is more detrimental to growth than high public debt, according to recent research by the IMF. Indeed the IMF study finds that excessive sovereign debt reduces growth only when household and corporate sectors are heavily indebted too.