First, look at the list of "true" debt and Canada is en enviable position at "only" 274%. However, it is hardly doing great, and while it has the lowest number it is not that far from U.S., Germany and if looking only at the government debt Canada is no better than Spain (OK lots of dead stuff -- like bank recapitalization will end up on the Government's balance sheet in Spain).
The kicker of course is the UK -- which lead toe world, of course no so much in sovereign debt but in banks and business debt... that too could eventually be socialized. Still an ugly picture. BTW, before anyone gets to happy about China, it is important to note that the Chinese government is heavily indebted too (and not taking into consideration the loans it has "guaranteed" to the SOEs...). The government debt for China is also in the 70% of GDP...
Maybe Rossenberg is right that we are in a massive depression with massive deleveraging on the way. On thing for sure, is that the "social contract" is about to get hit hard everywhere!