We would all agree we are in a period of individual and corporate deleveraging. Most of us agree as a society, we have too much debt, too much consumption, and not enough savings. We have also relied on low cost debt and are learning the process of paying back debt is much more difficult (and much less fun) than simply borrowing. This process is not new for our country or our economy. This article puts this process in a global and historical perspective and helps to explain what may be in our future.