Quoting the Crisis29/09/2009
“ But this not merely a crisis of liquidity. It is one of excessive private debt, on a scale that is also unprecedented: the USA is carrying US$41.5 trillion in debt on the back of a US$14 trillion economy, proportionately 70 percent more debt than it had at the start of the Great Depression. In December 2007, the private sector swung from ramping up debt levels as it chased speculative gains on asset markets, to retreating from debt as the asset bubbles burst. „
It’s Hard Being a Bear (Part Five): Rescued? | Steve Keen’s Debtwatch
Quote posted at 11:00
