CHART OF THE DAY: The US Is Better At Deleveraging Than Europe
The financial crisis was more-or-less about debt-fueled (i.e. leveraged) economic growth that screeched to a halt when loan defaults caused the credit markets to seize.
The post-crisis era has been characterized by countries, corporations, and individuals
Some entities have been able to grow while deleveraging. Others have seen growth stagnate or fall.
At its Global Economics & Strategy Day last Friday, Morgan Stanley circulated a 97-page slide presentation that included this chart fixed income analyst Neil McLeish.
It shows total
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