--Doug Carlin (Deja Vu)
This analysis dispels the corporate deleveraging myth. Compared to 2008/09 levels, total corporate debt is 35% higher. Net debt is 15% higher.
That leverage is higher now should be obvious given the orgy that has been taking place in corporate bond issuance.
Remember that, despite appearance, the more leveraged the system, the more unstable it is.
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1 comment:
Household deleveraging is far from over. There is most likely at least 5 more years to go. However, it could be longer given the magnitude of the debt bubble. The offset of the household deleveraging has been the leveraging up of the Federal government.
~Gary Shilling
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