With debt levels surging, we’re heading for big trouble

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Sybarite is a term that first appeared around 1600 and means “person devoted to pleasure.” In fact, Sybaris was an ancient Greek town inhabited by citizens who loved nice things. Why am I referring to this unusual and little-known term? It is because I believe we live in an era when we demand instant gratification. We want everything now – cannot wait to have it tomorrow. No one these days wants to live within their means. This has led to a North American economy that is hard to explain by typical economic models. We have an economy that is performing...