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This presentation analyses the <a>report</a> that has been published by the McKinsey Global Institute in 2011 and which is entitled "debt and Deleveraging". The presentation zooms in on the dramatic level and the dramatic increase of debt by governments, households, non-financial and financial companies in OECD countries. This evolution is then put into the broader perspective of post-war capitalism, which transformed into neoliberalism at the beginning of the eighties. Neoliberalism can only function by increasing the overall level of indebtness, which has now reached an unsustainable level. As a consequence capitalism has now entered a phase of a rapidely deepening crisis. The solutions proposed by McKinsey have a pseudo-scientific basis and fit perfectly into the obsolete neoliberal policies.