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There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.
A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.
There is slow growth but it is positive slow growth. At the same time ratios of debt-to-incomes go down. That's a beautiful deleveraging.
The world, we are told, was made especially for man - a presumption not supported by all the facts. A numerous class of men are painfully astonished whenever they find anything, living or dead, in all God's universe, which they cannot eat or render in some way what they call useful to themselves.
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