{"id":4133,"date":"2012-04-19T16:22:19","date_gmt":"2012-04-19T20:22:19","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4133"},"modified":"2012-04-19T16:22:19","modified_gmt":"2012-04-19T20:22:19","slug":"not-exactly-a-miracle-but-u-s-debt-levels-are-falling-floyd-norris-nytimes-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/19\/not-exactly-a-miracle-but-u-s-debt-levels-are-falling-floyd-norris-nytimes-com\/","title":{"rendered":"Not Exactly a Miracle, but U.S. Debt Levels Are Falling – Floyd Norris – NYTimes.com"},"content":{"rendered":"

Floyd Norris<\/strong>: To get some idea of what needs to be done now \u2014 and what the result will be \u2014 the McKinsey institute points to two incidents in the early 1990s that got little attention at the time in the United States. Those were the bursting of real estate bubbles in Sweden and Finland. Details differ, but in each country there were two distinct phases of deleveraging.<\/p>\n

\u201cIn the first,\u201d the McKinsey institute said in an analysis published early this year, \u201chouseholds, corporations and financial institutions reduce debt significantly over several years, while economic growth is negative or minimal and government debt rises.\u201d That is certainly what has happened in the United States.<\/p>\n

The second phase is the good part, the institute said. \u201cGrowth rebounds and government debt is reduced gradually over several years.\u201d<\/p>\n

In this country, the deleveraging process has some way to go, with many foreclosures still pending, but it is at least possible that economic growth is beginning to accelerate. It is clear that the United States has made a lot more progress in cutting consumer debt than has been made in either Britain or Spain, two other countries that suffered from falling real estate prices.<\/p>\n

via Not Exactly a Miracle, but U.S. Debt Levels Are Falling – Floyd Norris – NYTimes.com<\/a>.<\/p>\n

Comment:~ Before we congratulate ourselves on escaping from the clutches of the Great Recession, let’s not forget that government debt is growing at an unsustainable rate of $1.2 trillion\/year. That is likely to slow sharply after November elections, causing a “double-dip” contraction. The deleveraging process has only just begun.<\/p>\n","protected":false},"excerpt":{"rendered":"

Floyd Norris: To get some idea of what needs to be done now \u2014 and what the result will be \u2014 the McKinsey institute points to two incidents in the early 1990s that got little attention at the time in the United States. Those were the bursting of real estate bubbles in Sweden and Finland. … <\/p>\n

Continue reading “Not Exactly a Miracle, but U.S. Debt Levels Are Falling – Floyd Norris – NYTimes.com”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,34],"tags":[993],"class_list":["post-4133","post","type-post","status-publish","format-standard","hentry","category-debt-levels","category-us-canada-countries-regions","tag-deleveraging"],"yoast_head":"\nNot Exactly a Miracle, but U.S. Debt Levels Are Falling - Floyd Norris - NYTimes.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not Exactly a Miracle, but U.S. Debt Levels Are Falling - Floyd Norris - NYTimes.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Floyd Norris: To get some idea of what needs to be done now \u2014 and what the result will be \u2014 the McKinsey institute points to two incidents in the early 1990s that got little attention at the time in the United States. 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