Friday, February 06, 2009
questioning the most important chart in the world
UPDATE: david merkel:
With the recent analysis from Credit Suisse, they dissed adding together financial and nonfinancial debts, as there would be double counting. Let me first say that there is no good measure here, but the double counting in a complex debt economy is useful to see. When there is a chain of parties relying on debt repayment, like a set of dominoes, the system is fragile; one little jolt could change things for many.