A propos du "Deleveraging " : Une étude intitulée Payback Time

Cette étude signée Mat King (Citigroup) contient une orgie de graphiques tous plus passionnants les uns que les autres.

Je vous laisse vous régaler.

Comme je le disais l'autre jour, le "deleveraging" est une tendance lourde et de long terme.

On peut retarder et contrarier cette tendance mais cela ne fera que prolonger l'agonie...

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(Via Zero Hedge)

Having gorged on the fat pipe of cheap credit for much of the previous few decades, the last few years have rapidly and aggressively slapped the US (and indeed much of the world) from its stupor. All that growth, was it real? The speed of economic leveraging began to gain momentum in the early 1970s and accelerated sharply in the 1980s as the cost of debt began its decades-long decline. That leverage enabled consumption and capex to rise quicker and with less capital but obviously with more risk. With the current balance-sheet recession stymieing monetary policy and fiscal policy hardly supportive, it seems the private deleveraging hole will be difficult to fill with public borrowing excess. It seems that credit markets (the ubiquitous source of all that leverage) have again and again sung from a different song-sheet with regard to the way we escape from the inevitable deleveraging we are currently undertaking. Matt King, of Citigroup, provides a thought-provoking (and all-encompassing) slide-deck on the coming decade of deleveraging and how now is time for payback.

Payback Time: The Coming Decade Of Deleveraging

Matt King - Citi Investment Research & Analysis