http://www.cnbc.com/id/48193471

³We¹re in a very unfortunate position to be here,² Richard Duncan, author of The New Depression, warned on CNBC¹s ³Squawk Box Europe² Monday.

³When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there¹s a very real danger that we will collapse into a new Great Depression,² he argued.

³If this credit bubble pops, the depression could be so severe that I don¹t think our civilization could survive it.²