''Debt Beats the Economy in a Growth Race''

"Economic Growth is expected to be negligible over the next 40 years in Japan. But it will be almost nothing in many other countries too, according to an HSBC report. It estimates that the US will grow at around 1.5% annually. France 1.1%. Denmark, Norway, Sweden - barely anything at all.

As in Japan, so in Europe and the US. The European Central Bank is lending the banks as much as they want - at low rates. The Fed has its own ZIRP...which it says it will keep in place until 2014."

from daily reckoning....