“The West has now reached the point where total private and public debt, together with unfunded government liabilities, can never be repaid by an ageing demographic. One day even debt servicing will be an issue. With fewer taxpayers and lenders, the ability to take from the future to provide for the present will end. This is when we see the final collapse of the great international governmental Ponzi scheme.” – Maurice Newman Those scary words were written by highly-credentialled Australian banker and economist, Maurice Newman (pictured), in a the following January 2013 article. “IN a bright start to the new year we are reading that the global economic outlook is improving. Setbacks are transitory. The fiscal cliff is history and the debt ceiling is bound to be lifted. Stockmarkets everywhere, even those in Europe, are rising. World leaders, after numerous false starts, ask us to believe that this time, their…