Global Government Debt Is Already 80% Of Global GDP  In his
latest commentary, Michael Pento writes “there is a reason why
the Fed and other central banks have been unable to achieve a
healthy and viable economy even after five years of trying to
manufacture one from a printing press. The truth is an economy
that is soaked in debt just doesn’t grow because it is always
marked by at least one, if not all three, of the following
growth-killing conditions; high interest rates, rampant
inflation and onerous tax rates.”  When debt levels increase to
an extent that they are equal or greater than its GDP capital
flows out of the private sector due to burdensome rollovers and
interest payments on that debt. Penton continues: “In addition,
rising tax rates act as a disincentive to increase productivity
and whatever money that is taken from the private sector is
always redeployed in an inefficient, GDP-destroying manner.
Rising interest costs also discourage borrowing and lead to
capital shortages. And finally, inflati