Daily Archives: July 12, 2012

My column this week We still have that sinking feeling examined the progress of post-crisis deleveraging, focusing on the US. I would like to elaborate on this issue.

 The chart attached to the column showed the cumulative total of gross private sector debt, relative to gross domestic product. In the chart below, I show total debt, including government debt, relative to GDP. The reader will notice that the economy as a whole has deleveraged, despite the rising debt of the government. Read more