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The bursting of the housing bubble and of the equity bubble and hedge funds bubble and private equity bubble showed that most of the "wealth" that supported the massive leverage and overspending of agents in the economy was a fake bubble-driven wealth; now that these bubble have burst it is clear that the emperor had no clothes and that we are the naked emperor. By this standard media US households whose debt relative to income went from 65 percent 15 years ago to percent in to percent today were playing a Ponzi game. Whenever you persistently consume more than your income year after year a household with negative savings, a government with budget deficit, a firm or financial institution with persistent losses, a country with a current account deficit you are playing a Ponzi game; in the jargon of formal economics you are not satisfying your long run intertemporal budget constraint as you borrow to finance the interest rate on your previous debt and you are thus following an unsustainable debt dynamics discounted value of your debt growing without limit in NPV terms as the debt grows faster than the interest rate on it that eventually leads to outright insolvency. And an economy where the total debt to GDP ratio of households, financial firms and corporations is now percent was a Made-Off Ponzi economy. Madoff is the mirror of the American economy and of its overleveraged agents: Nouriel Roubini är numera vida känd världen över.

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A rising bubble tide was hiding the fact that most Americans and their banks were swimming naked; and the bursting of the bubble is the low tide that shows who was naked.

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Americans, let us look at ourselves in the mirror: Nedan får ni ta del av artikeln. The party is over for households, banks and non-bank highly leveraged corporations. When you put zero down on your home and you thus have no equity in your home your leverage is literally infinite and you are playing a Ponzi game. By this standard media US households whose debt relative to income went from 65 percent 15 years ago to percent in to percent today were playing a Ponzi game.

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