Business

Nobody Understands Debt

image source: <a href="http://www.guardian.co.uk/politics/2010/oct/22/paul-krugman-condemns-spending-review" role="link" class=" js-entry-link cet-external-link" data-vars-item-name="www.guardian.co.uk/politics/2010/oct/22/paul-krugman-cond..." data-vars-item-type="text" data-vars-unit-name="5bb31b3de4b0480ca6654a56" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.guardian.co.uk/politics/2010/oct/22/paul-krugman-condemns-spending-review" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="0">www.guardian.co.uk/politics/2010/oct/22/paul-krugman-cond...</a>

Many economists, including Janet Yellen, view global economic troubles since 2008 largely as a story about “deleveraging” — a simultaneous attempt by debtors almost everywhere to reduce their liabilities.

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