January was a month when the optimism displayed since 2012 swung towards realism. RBS stole the limelight for a few days with its report recommending investors sell everything. They were joined by a string of notable investors including George Soros and Ray Dalio, as well as an OECD Chairman in saying that all is not well in economics and finance and that things can get much worse from here. The question that keeps being raised is whether the long term growth rates that many assume will continue are possible if debt levels don’t continue to increase.