A picture of deleveraging

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Overnight, the New York Fed released its quarterly report into US credit trends. To cut a long story short, US consumers continue to deleverage. The research has some killer charts, including the one above, which shows that after all of the fear and loathing of the past three years, aggregate credit has slid back only to 2007 levels.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.