i had a very interesting discussion about this in london recently with phillip coggin, the author ofcolumn and terrific book out "paper promises, debt, money and the new world order" which talk about the surprising history of our relationship with money and debt. listen in. phillip congress, pleasure to have you on. >> thank you very much, fareed. >> one of the things i'm struck by, you look at the current crisis we have with debtors and creditors, all of the western world in debt and you say this is actually not so unfamiliar, this is part of a much broader pattern? >> exactly. over history, we have had periods when people have built up too much debt and then we have had crises when the debt has not been repaid. the class sic in the 1930s n that crisis, debtors overwhelmed the cost of repaying the debt as we went to the great depression, governments were forced to adjust the monetary system, drop off the gold standard and lines the straits of austerity they have imposed. >> you go back much further than the 1930s. you point out this pattern of societies accumulating too much debt go