As always when talking about debt, this article only discusses the right side of the balance sheet (debt) but ignore the left side (asset): every piece of debt created is someone's else asset. And if the amount of debt is rising, it means that the amount of debt security is rising also. Who owns it, and why some institutions and people are able to hoard such an increasing amount of assets should be as important to the discussion than how much debt there is, yet it remains undiscussed. (Yes QE/central banks is part of the answer now, but it only came after the previous crisis, which where caused by too much debt, so it's not at all the full answer)