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av({"version":"1.0","encoding":"UTF-8","entry":{"xmlns":"http://www.w3.org/2005/Atom","xmlns$blogger":"http://schemas.google.com/blogger/2008","xmlns$georss":"http://www.georss.org/georss","xmlns$gd":"http://schemas.google.com/g/2005","xmlns$thr":"http://purl.org/syndication/thread/1.0","id":{"$t":"tag:blogger.com,1999:blog-1255205710242367002.post-2712052982686884198"},"published":{"$t":"2012-10-15T07:26:00.003-07:00"},"updated":{"$t":"2012-10-15T07:26:29.708-07:00"},"title":{"type":"text","$t":"What Deleveraging !"},"content":{"type":"html","$t":"\u003Cspan style=\"font-family: Arial, Helvetica, sans-serif;\"\u003EFrom SLJ market letter,\u0026nbsp;\u003Cspan style=\"line-height: 115%;\"\u003EStephen  L Jen \u0026amp; Fatih Yilmaz\u003C\/span\u003E\u003C\/span\u003E\u003Cbr \/\u003E\u003Cspan style=\"font-family: Arial, Helvetica, sans-serif;\"\u003E\u003Cspan style=\"line-height: 115%;\"\u003E\u003Cbr \/\u003E\u003C\/span\u003E\u003C\/span\u003E\u003Cspan style=\"font-family: Arial, Helvetica, sans-serif;\"\u003E\u003Cb\u003E\u003Cspan style=\"line-height: 115%;\"\u003EOverall  leverage in DM at an historical high\u003C\/span\u003E\u003C\/b\u003E\u003Cspan style=\"line-height: 115%;\"\u003E.\u0026nbsp; Contrary to the popular presumption, total  debt leverage - defined as household debt, financial sector leverage, corporate  debt, and government debt – has actually \u003Ci\u003Eincreased\u003C\/i\u003E in most developed countries  since the Great Recession in 2008.\u003C\/span\u003E\u003C\/span\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cimg border=\"0\" src=\"http:\/\/research.sljmacro.com\/ukassets\/images\/521\/oct12_5.gif\" width=\"550\" \/\u003E\u003Cdiv\u003E\u003Cbr \/\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003E\u003Cspan style=\"line-height: 115%;\"\u003E\u003Cspan style=\"font-size: small;\"\u003E\u003Cspan style=\"color: black; font-family: Arial, Helvetica, sans-serif;\"\u003E\u003Cspan lang=\"EN-GB\" style=\"line-height: 115%;\"\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003ESource:\u0026nbsp;  McKinsey Global Institute and SLJ Macro Partners\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003E\u003Cspan style=\"line-height: 115%;\"\u003E\u003Cspan style=\"font-size: small;\"\u003E\u003Cspan style=\"color: black; font-family: Arial, Helvetica, sans-serif;\"\u003E\u003Cspan lang=\"EN-GB\" style=\"line-height: 115%;\"\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003E\u003Cbr \/\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003E\u003Cspan style=\"line-height: 115%;\"\u003E\u003Cspan style=\"font-size: small;\"\u003E\u003Cspan style=\"color: black; font-family: Arial, Helvetica, sans-serif;\"\u003E\u003Cspan lang=\"EN-GB\" style=\"line-height: 115%;\"\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003E\u003Cbr \/\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003E\u003Cspan style=\"line-height: 115%;\"\u003E\u003Cspan style=\"font-size: small;\"\u003E\u003Cspan style=\"color: black; font-family: Arial, Helvetica, sans-serif;\"\u003E\u003Cspan lang=\"EN-GB\" style=\"line-height: 115%;\"\u003E\u003Cspan style=\"color: #002060; line-height: 115%;\"\u003EMy Comment: Well if the deleverage process did not begin \u0026nbsp;i guess deflation will come.\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cspan style=\"color: #002060; font-family: 'Times New Roman','serif'; font-size: 14pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast;\"\u003E\u003Cspan style=\"font-size: 14pt;\"\u003E\u003Cspan style=\"font-size: 14pt; line-height: 115%;\"\u003E\u003Cspan style=\"font-size: small;\"\u003E\u003Cspan style=\"color: black;\"\u003E\u003Cspan lang=\"EN-GB\" style=\"font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;\"\u003E\u003Cspan style=\"color: #002060; font-family: 'Times New Roman','serif'; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: SimSun; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast;\"\u003E\u003Cbr \/\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/div\u003E\u003Cdiv\u003E\u003Cspan style=\"color: #002060; font-family: 'Times New Roman','serif'; font-size: 14pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast;\"\u003E\u003Cspan style=\"font-size: 14pt;\"\u003E\u003Cspan style=\"font-size: 14pt; line-height: 115%;\"\u003E\u003Cspan style=\"font-size: small;\"\u003E\u003Cspan style=\"color: black;\"\u003E\u003Cspan lang=\"EN-GB\" style=\"font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-GB; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;\"\u003E\u003Cspan style=\"color: #002060; font-family: 'Times New Roman','serif'; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: SimSun; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast;\"\u003E\u003Cbr \/\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/div\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/thoughtmeme.blogspot.com\/feeds\/2712052982686884198\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/thoughtmeme.blogspot.com\/2012\/10\/what-deleveraging.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/1255205710242367002\/posts\/default\/2712052982686884198"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/1255205710242367002\/posts\/default\/2712052982686884198"},{"rel":"alternate","type":"text/html","href":"http:\/\/thoughtmeme.blogspot.com\/2012\/10\/what-deleveraging.html","title":"What Deleveraging !"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}}});