Goldman: Western deleveraging over

Tuesday 6 September 2016

From our old friend Greg McKenna at Business Insider today:

The Goldman Sachs Australian economics team, lead by chief economist Tim Toohey, says that after eight years, the global economy is finally following the United States out of the pernicious debt deflation cycle that has so gripped and characterised growth and markets over that time.

It also means notions of enduring secular stagnation, proposed by former US Treasury Secretary Larry Summers and Robert Goron, are misplaced.

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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.