If the majority of debt was going towards infra, building new factories or improving old ones, reducing cost of housing/health/edu of workers, its all cool. But for a long time now, a mega machine exists that diverts it towards real estate asset inflation, stock market asset inflation, monopoly power consolidation, interest and rent collection, financial sector fees, buying national assets of poorer countries, startup ponzi schemes etc etc. The parasite is fantastic at generating lot of activity. The question for the US has always been how will the parasite be confronted and when.