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He will add that "excess debt is a form of economic pollution" that should be taxed.
Excess debt, not government fiat, caused output to slump in 1998, for example.
Sogo's president, Kyoichi Yamada, said the company would cut excess debt by February 2002.
Loosely speaking, excess debt has created a situation in which everyone is trying to spend less than their income.
Excess debt affects both the public and private sectors; it is both a domestic and external debt overhang.
The dissent, which explores such root causes as the housing bubble and excess debt, is less lively.
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Households must save to work off excess debts.
The lesson we were told to draw from that was to never again get comfortable with unseen money and excess debts.
But Germany will not stand behind other countries' borrowings unless they agree to a tight fiscal and political union that prevents excess debts in future.
Otherwise, major defaults from excess debts may destructively extinguish some of the excess money.
"If the problem is an excess of debt, the cure is not adding more debt, whether that debt is public or private," he wrote in the Corriere della Sera.
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