One glance at this beauty shows that consumers have barely begun the process of deleveraging. It's going to be several more years before household balance sheets are repaired and ready to assume more debt. Hello, Tokyo.
12 more charts below.
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By Steve Keen, Associate Professor of Economics & Finance at the University of Western Sydney, and author of the book Debunking Economics.
The aggregate data is unambiguous: the US economy is delevering in a way that it hasn’t done since the Great Depression, from debt levels that are the highest in its history. The aggregate private debt to GDP ratio is now 267%, versus the peak level of 298% achieved back in February 2009–an absolute fall of 31 points and a percentage fall of 10.3% from the peak.
Read Dr. Keen's full article (more charts and analysis):
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Chart archive:
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- Adam Levitin Tells Congress: Citigroup, Bank Of America, JPMorgan & Wells Fargo Are All INSOLVENT
- An Austerity Message For Wall Street Republicrats
- Get A Rare Look Inside The Actual U.S. Treasury Auction Room - Where The $14T National Debt Goes For Love
- Jim Rogers: "Punish The Irish Banks & Their Reckless Bondholders, Let Ireland Go Bankrupt!" (VIDEO)
- "You Touch My Junk, I'll Have You Arrested"
- Meet The Robo-Signing Machine
- South Park Bailout Episode - "And...It's Gone!"
- CHART SHOCK: Consumer Debt To GDP -- 'UGLY' Would Be An Understatement -- Much More Deleveraging Ahead
- How Bernanke Tackled The Depression, As Recorded 150 Years From Now By Post-Apocalyptic Hobo Folklorists
- MUST SEE HOUSING CHART: Home Sales Meets The Mother Of All Recessions
- In Europe, Fiscal Insanity Erupts As Bankrupt Nations Scramble To Bailout Other Bankrupt Nations
- For Dollar Salvation We Need A New Gold Standard - By James Grant
- Foreclosure fraud class actions pile up against banks
- Alan Grayson: "Banks Are Foreclosure Fraud Factories"
- ABSOLUTE GENIUS! MAKE THIS GO VIRAL - Quantitative Easing Explained (Video)
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