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He says the effects of debt cancellation have been submerged by corruption and inequality.
This is the reality, however hard parents try and insulate their children from the effects of debt.
Other explanations that point to the effects of debt dilution and the possibility of IMF triggered debt runs, however, are also possible.
The CAP data also shows that 42 per cent of their clients are being prescribed medication by GPs "due to the negative effects of debt".
"It's the thrill of retail therapy without the undesirable side effects of debt and consumer waste," says Ed Gillespie, co-founder of sustainability communications agency Futerra, which came up with the name "swishing" in 2007.
If the 20th century was the "age of extremes", to quote Eric Hobsbawm's famous title, the 21st may well be the age of the combined effects of debt and climate change.
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While prior research has examined the incentive effects of equity-based compensation extensively, most academic work has ignored the incentive effects of debt-like compensation.
But finance ministers are still at odds over the effect of debt reduction on economic growth.
If it were to fall into severe financial trouble, it might trigger a Lehman Brothers-style event, creating a domino effect of debt similar to the banking crisis of 2008.
So does the sovereign-debt crisis: banks are paying over the odds to borrow in wholesale markets because of worries about the effect of debt restructuring and Italy's own creditworthiness.
That could change, of course, but it is worth pointing out that based on the analysis in the much-cited Alberto Alesina paper connecting austerity and growth, one of the key causal relationships is the effect of debt reduction on high interest rates.
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