One way to view the crisis is as deleveraging of everything. Essentially, that means a reduction in debt down to historical norms. Interestingly, historical norms put sustainable levels of debt at about ~160 percent of GDP. We are currently at 370%. To get down to historical levels, we need to destroy -- pay-off, write off, or reduce -- upwards of $30 Trillion in debt (and that is in the US alone).