The Deleveraging Cycle and Its Implications

As the Trends editors have previously explained, the global financial crisis of 2008 represented the top of the most recent phase of the Debt Super-Cycle that began at the end of World War II. To deal with imbalances caused by three decades of rapidly rising leverage, we entered a period of massive private-sector deleveraging. Where does this deleveraging process stand? What does this imply for Fed policy? What are the implications for economic growth, investing, and the health of the financial system? We'll provide the answers you need.

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