According to Doug Noland the deleveraging that households have been doing is a mirage.

Z1, QE3 and Deleveraging

Looks like leveraging up is taking place, at least according to his numbers.

Denninger doesn't see the same leveraging (on the private level by what he says in this interview). But the rest of the interview is very interesting. I don't agree with everything he says, but I think he gets it mostly right.

The Rapidly Deteriorating Global Economy

I just as well make it a trifecta. Jim Puplava talks about what got us to the place we are.

Jim Puplava’s Big Picture: How We Got Into This Mess

If you are not up on the basic economics of why we are where we are at, this is a good and simple overview.

John