I got a disturbing e-mail from Bianco Research which showed a chart of "Private Credit Market Debt" which they say shows "Total credit market creation not including Treasury Debt, Municipal Debt and Agency Debt".
It is actually a horror that the level of private debt in the United States peaked last year at about US$36 trillion, which is certainly a lot of money, especially since total gross domestic product (GDP) of the Whole Freaking Country (WFC) is only $14 trillion (and falling!).
In some kind of bizarre "good news/bad news" joke, total private debt has now actually fallen by a couple of trillion dollars to $34 trillion, which is bad news for an economy that depends on consumption, but is good news in that people have lighter debt burdens. (more)
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