A few weeks ago, I wrote about the massive buildup of both government and individual debt in last 70 years. I noted that this bubble of debt appeared to have popped in the past year. And I speculated that a very long (decades-long) period of debt shrinkage and balance sheet improvement might be in the cards. Then I asked for your opinions. Since then, the chickens have come home to roost. We’ve seen more than a few institutions laid low by imploding debt. We’ve seen a massive transfer of debt (and assets) from the private sector to the public...
