Many developed nations have borrowed and spent beyond their ability to repay their debt. Central banks around the world are faced with complex decisions on the best policies to improve liquidity. When economists weigh in with solutions, they fall into one of two groups ? those who want to borrow more and put more money into the system and those who say to cut spending severely with no additional debt. Roger Nightingale, economist and strategist at RND Associates, points out that with previous credit booms, like that in Japan in the 1980s, the result was sustained recession. So whether it is “borrow and spend” or “severely cut spending to cut the debt” there will be the same result ? a sustained severe recession or, as some would call it, a New Great Depression.