What, me worry?

I am not an economist (thank God) but: It has always puzzled me to see how calmly the world watches the steady climb of the American national debt. It has seemed as though this tree could grow up to the sky without anyone batting an eye, least of all the American public.

Surely, I said to myself, sooner or later the world will refuse to extend further credit - as banks to do people & companies whose debts exceed their income.

Well, as of yesterday I am not alone with my heretical opinion. Steven Roach, chief economist at Morgan Stanley agrees, and it makes worrying reading. This is one time I'm not pleased to have been right.