Z1, QE3 and Deleveraging
“Consensus thinking has it that our system is progressing through a difficult ‘deleveraging’ process. In contrast, I see much more system reflation than actual deleveraging…”
“As a percentage of GDP, total Non-financial debt has increased from 124% of GDP in June of 2008 to 249.4% to end 2012’s second quarter.. total (financial and [...]
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