While recent economic processes, including those involved in the global crisis have many important financial aspects to them that deserve scrutiny, only one of those phenomena, i.e. debt, could be chosen as the subject of the present study. The aforementioned phenomenon will be considered at two levels, leaving out the question of personal debt, for reasons which will become clear below. The first section brings out what constitutes the crucial underlying mechanism of the debt, and financial crisis in general, which, it will be seen, is closely related to the content of motto to the present chapter. The next two sections illuminate the relevance of the debt problem to the economy and society at large. Whilst, as will be seen, one might point to some voices drawing attention to the presumable dramatic consequences of growing indebtedness apparent in both corporate and public sector, in one key respect those commentaries are wanting; namely, as the subsequent sections will show, those empirical processes have a deep-seated theoretical content that can be brought to light only by theoretical means. The said theoretical framework will constitute the subject of the fourth section of the chapter. All in all, an application of that framework to the topic under consideration should end up in a novel, if not an eye-opening view of not only debt as such, but also related socio-economic relations.
