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A crucial factor is the distribution of debt between productive and unproductive purposes

“A crucial factor is the distribution of debt between productive and unproductive purposes–between genuine investment and mere speculation. The former builds additional productive capacity that can be used to meet financial commitments in the future, even if today excessive increases in the debt burden leads to a recession. But borrowing that merely finances speculation on the stock exchange or the housing market about the prices of shares and houses adds to debt now without increasing our capacity to service it in the future.”
–Prof. Steve Keen
http://www.debtdeflation.com/blogs/