IT APPEARS to be in the process of failing, but for institutional reasons. I dont know if i can get it across, but the simple analogy is a ponzi scheme. Although given any rate of growth, a ponzi scheme of this nature can be sustainable as long as there is an arithmetic connection between inputs and outputs. Libertarians argue that a conservative version of the singaporean model should be sustainable. Because by “saving” instead of issuing debt, the individual knows how to plan, and the debt issued for services matures before there is a claim on it. And the money is productive in the economy in the meantime. But government spending is constrained.