A key point you have made is that the "debt-fueled infrastructure spending" has been destabilizing. Are you implying that the government's investments have been in the proverbial 'white elephants' and not useful projects that support the economy? If so, this is not clear from the above. If [most of] the spending were on improving roads, ports, sanitation, and so forth that could be 'leveraged' by businesses the added debt would be enhancement to the economy and the incremental output to incremental outlays would be positive. [Personally, I would not expect this to be the case given the propensity for governments to spend quite unwisely.]