This is one those risky posts, because I'm not an economist and I have a history of eccentric and crackpot political opinions, for which--I brag--I have occasionally accepted corrective criticism from friends with more sense and expertise.
At our provincial chapter this past spring, when we were discussing how to improve our efforts at fund raising, a friar got up and made a spectacular speech about how the problem with development was artificial contraception. The capital in the world had become less because, spiritually, people no longer believed in a future, and practically, because there weren't as many Catholics walking around as there should have been. I don't know if anybody took the brother seriously, but I thought it was one of the best interventions of the whole week.
With that memory wanting to get into some post or other ever since, I was thinking a little about this whole national debut business.
A system of debt and credit is a standard way to make money. But the system depends on people having faith that there will more wealth in the future. It is hard to have such faith in a culture grown decadent and pointless, and in which the making of more people--on which the production of further cultural capital and wealth depend--is an optional life-possibility for those who happen to 'oriented' in such a way that they can reproduce, rather than a constitutive part of human life to which one ought be open.