US Homeowners' Equity is Nowhere Near 2006 Levels

IN THIS EDITION

A VICIOUS CYCLE

Economic data the world over indicate that a global economic slowdown is well underway. Central banks have already responded with fresh stimulus, as anticipated by financial markets. But just as the economic recovery of 2009-2011 was largely artificial and, thus, disappointing in key respects, so the unfolding slowdown is going to result in a few nasty surprises. In this Amphora Report I discuss what I believe to be some of the more important implications of the current, ‘vicious’ cycle, in which unseen damage is being done...