chilling graphic, page-8

I recently purchased a book - 'This Time Is Different - Eight Centuries of Financial Folly' by Carmen M Reinhart & Kenneth S Rogoff. Fantastic book & well worth the read, here is a small piece taken from the book for those interested;

'If there is one common theme to the vast range of crisis we consider in this book, it is that excessive debt accumulation, whether it is by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.'

This book is very valuable reference to this very subject.

CLM