Debt Deflation Arrives
6.9 per cent of national income is being earmarked to pay down debt – the highest savings rate in 15 years, up from actually negative rates (living on borrowed credit) just a few years ago. The only way in which these savings are “money in the bank” is that they are being paid by consumers to their banks and credit card companies.
Income paid to reduce debt is not available for spending on goods and services. It therefore shrinks the ...
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