He cautions: "Many of the same individuals who did not see the crisis coming are now loudly assuring the public that the worst is already past, whereas those who correctly anticipated it tend to be somewhat less optimistic about the future."

The river is rising

In his detailed analysis, Day explains the U.S. economy has relied on a constant increase of the level of debt to fund its economic growth.

He points out the average annual expansion of commercial bank credit since 1973 is 8.4 percent, which has sustained an average of 3 percent yearly GDP growth.