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Sushi with Dave: U.S. vs Japan
The article below comes courtesy of David Rosenberg, Chief Economist and Strategist of Gluskin Sheff & Associates, showing that the U.S. post-bubble economic and financial backdrop is looking more and more like the Japanese situation of the past two decades. CHART 1: BOTH COUNTRIES EXPERIENCED THE BURSTING OF A HOUSING BUBBLE CHART 2: BOTH COUNTRIES EXPERIENCED A BUBBLE BURST IN HOUSING CREDIT CHART 3: WHEN T-BILL YIELDS ARE 0%, YOU KNOW IT’S JAPAN ALL OVER AGAIN CHART 4: UNPRECEDENTED EXPANSION OF THE CENTRAL BANK’S BALANCE SHEET CHART 5: EVEN JAPANESE AND U.S. FISCAL POLICY LOOKS THE SAME CHART 6: JAPAN: A MODERN DAY EXAMPLE OF A PROLONGED DELEVERAGING CYCLE CHART 7: JAPAN’S POST-BUBBLE EXPERIENCE: ROLLING RECESSIONS AND RECOVERIES CHART 8: INFLATION RECEDES A LONG, LONG, TIME AFTER A BUBBLE BURST CHART 9: THE BULLISH DEMOGRAPHIC ARGUMENT FOR THE U.S.A. IS LOSING SOME ALLURE Source: David Rosenberg, Gluskin Sheff & Associates – Sushi with Dave: Market & Data Musings, January 11, 2011. | |||||||||||
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