From John Tepper comes this sobering chart of debt in the US post-GFC, just as it hits new highs in the stock market and elects an Administration and Congress hell bent on soaring government debt even higher:
Not quite the beautiful deleveraging that Ray Dalio at Bridgewater talked about several years ago as the lessons from the GFC are tossed to the sinbin of history.
Its the same in Europe, from PIMCO:
And of course, the land of “she’ll be right mate, I’ve got equity!”
Luckily, Australia has lots of iron ore to prop that all up.