According to Doug Noland the deleveraging that households have been doing is a mirage. 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. I just as well make it a trifecta. Jim Puplava talks about what got us to the place we are. 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 |