"According to Antal Fekete  if you take this chart further back, we used to get $3 of GDP for every $1 of debt. Sometime in the late '60s, the line crossed below $1, meaning every new Dollar of debt returned less than that in GDP. Antal thinks we actual went negative in 2006, but regardless of whether his data is the same as this chart, we are approaching that point. This is truly a point of no return. This means every new $1 borrowed reduces GDP."
Hmmm... could consumers be on strike whilst they pay off their debt? Could wealthy investors be purchasing gold and hiding it under their mattresses instead of creating 'real' wealth in the community? Could indebted oil-producing nations be hiking up the price of oil so that they can pay down their sovereign debt? And I wonder how much extra money is now being spent to repair the damage from (what used to be avoidable) climate change. So many questions and so few dollars!
 I do not subscribe to all of the view expressed by Antal Fekete. In particular, I am not a fan of 'the gold standard' because the application of it would not guarantee the absence of a debt bubble and the hoarding of 'gold' does make for a prosperous and healthy economy.
 Why The Stimulus Won't Work: The Marginal Productivity of Debt