For further reference

Via "The Big Picture", des informations sur l'endettement des américains publiées sur "Optionarmageddon", d'après des chiffres de la FED. Je conseille le post dans son intégralité à ceux qui sont intéressés. Ou le large extrait ci-dessous (cliquez sur les graphes pour les voir en plus gros):

An explanation below Chart #2 on why this data indicates we’re still in the early stages of the financial crisis.* (Click charts to enlarge)

To put data from the chart above in perspective, the one below compares the data to GDP. I’m using annual data here, so the increase at the end of 2008 is understated. GDP for the full year 2008 was higher than 2007. But Q4 2008 GDP was lower compared to Q3. So towards the very end of the year, the denominator (GDP) is going down even as the numerator (Debt) is going up. On a percentage basis, this means Debt/GDP is presently rising at an accelerating rate.

It’s been said that the income statement is the past, but the balance sheet is the future. Our balance sheet is getting worse. Those who argue that, because the stock market has already fallen over 50% we must be in the later “innings” of this crisis, don’t understand the dynamic driving it: over-indebtedness. The equity value of our economy is going down—think housing equity (see below) and the stock market. At the same time our debt is going up. In other words, America’s leverage is spiking.

The only way to climb out of a debt-induced depression is to pay down debt. We have to reduce leverage.

But Americans have shown absolutely no political will to do this, so eventually our lenders will cut us off, forcing us to de-lever. (Note Chinese Premier Wen’s comments at the top of today’s links.)