Well there’s a rose in the fisted glove
And eagle flies with the dove
And if you can’t be with the one you love honey
Love the one you’re with
(Stephen Stills 1970)
As I noted in the previous post, I’m working with the Governor’s Woods Foundation to produce a comprehensive data set on private debt for its Debt-Economics project (see www.debt-economics.org). As part of that, last week I realized that the Flow of Funds data on financial sector debt wasn’t what I had hoped it was, and I had to revise down my estimates of the US private debt to GDP ratio from 1952 till today. That revision implied that today’s “Peak Debt” level was lower than that of the Great Depression.