The borrowers

The consensus is that we are still in the first act of a three-act drama. And the original sin of excessive borrowing has yet to be fully punished. Any country that borrowed more than it could afford over the past 15 years is in deep trouble. That means the United Kingdom as well as the United States. Because, at some point, you either have to stop borrowing, which for habitual borrowers means stopping spending, which means a recession; or you have to devalue your currency in order to slash the real value of your debt.