The deleveraging process reduces debt/income ratios. When debt burdens become too large, deleveragings
must happen. These deleveragings can be well managed or badly managed. Some have been very ugly (causing
great economic pain, social upheaval and sometimes wars, while failing to bring down the debt/income ratio),
while others have been quite beautiful (causing orderly adjustments to healthy production-consumption
balances in debt/income ratios). In this study, I review the mechanics of deleveragings by showing how a
number of past deleveragings transpired in order to convey that some are ugly and some are beautiful. What
you will see is that beautiful deleveragings are well balanced and ugly ones are badly imbalanced. The
differences between how deleveragings are resolved depend on the amounts and paces of 1) debt reduction, 2)
austerity, 3) transferring wealth from the haves to the have-nots and 4) debt monetization. What I am saying is
that beautiful ones balance these well and ugly ones don’t and what I will show below is how.
The deleveraging process reduces debt/income ratios. When debt burdens become too large, deleveragingsmust happen. These deleveragings can be well managed or badly managed. Some have been very ugly (causinggreat economic pain, social upheaval and sometimes wars, while failing to bring down the debt/income ratio),while others have been quite beautiful (causing orderly adjustments to healthy production-consumptionbalances in debt/income ratios). In this study, I review the mechanics of deleveragings by showing how anumber of past deleveragings transpired in order to convey that some are ugly and some are beautiful. Whatyou will see is that beautiful deleveragings are well balanced and ugly ones are badly imbalanced. Thedifferences between how deleveragings are resolved depend on the amounts and paces of 1) debt reduction, 2)austerity, 3) transferring wealth from the haves to the have-nots and 4) debt monetization. What I am saying isthat beautiful ones balance these well and ugly ones don’t and what I will show below is how.
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