The Great Releveraging in the US

The headline above is not a mistake; aggregate debt to GDP is now growing again in the US . This is evident if we look at the broadest measure of credit in the US which rose to a new high of $57 trillion USD in the first quarter of 2013. As a share of nominal GDP this...

The Housing Market in Canada is Starting to Look Shaky

We have pointed to the Canadian housing market boom and likely bust on several occasions in our reports to clients. Canadian households are overlevered and the housing market has risen to new highs. However, we are now starting to see decisive signs of weakness and...