I presume that your referring to the graphs I posted, and is a fair point. What do you think is more likely; that an increase in household wealth caused an increase in public debt? Or an increase in public debt caused an increase in household wealth?

Naturally this would depend of on your perspective of the economy. I think that public debt is the source of private money, therefore I think the latter.

'Others' would argue the former. To me this makes little sense; if household wealth is increasing why would the State need more public debt to fund itself?? Wouldn't the state be collecting so much revenue that it wouldn't need public debt? You would expect that as household wealth increased, tax revenues would increase, and public debt would decrease. But these graphs show no indication of such correlation.