What happens if you borrow your future?

"We have consumed our future surplus. This is essentially why the Coming Depression will not end in 2009 or 2012--we as a nation have consumed our future surplus via stupendous deficits and the stupendous interest payments which must be paid out of future surpluses."


And what are we doing? Consuming on borrowed money (better, on printed paper)

But the human race won't die.
We will just embrace a new economy: the economy of starvation.
That is what happens when you borrow from future generations to maintain an illusory lifestyle.
That can be synthesized with two bubbles: the .com and the Real Estate.
Borrowing on a never ending demand (of Internet bandwidth and houses) and the following increas in price, when the price failed to increase the whole investment fell.
It was a limited time bubble and treated as an unlimited time investment.
We bet on a future that didn't realize.
We bet on dreams, the dreams of a wealth based on borrowing, reselling and consuming, while the reality is producing.
This simple, magic word could change the whole course of our destiny.
But nobody dares to say it: it is one of those words that do not bring votes.