WSJ: World Debt Borrowings Fall 77%

So, based on the theory that money is debt, and to keep the monetary system running, debt continually needs to be generated, this is another warning the future looks bad, right?

online.wsj.com...

World Debt Borrowings Fall 77%
DECEMBER 7, 2008, 8:39 P.M. ET

LONDON -- Borrowing in the international debt securities market plummeted 77% to $247 billion in the third quarter of 2008 compared with the second quarter, reflecting continued turmoil in financial markets, according to the Bank for International Settlements.

And net issuance of money market instruments fell into negative territory, dropping to minus $30 billion in the third quarter, from plus $69 billion in the previous quarter.

In the debt securities market, net issuance of bonds and notes slumped to $247 billion from $1.086 trillion...