Originally posted at KesslerCompanies.com,
We think it is more useful to compare economics and interest rates in
- the period since 2007 in the U.S. (The Great Recession) with
- the period since 1990 in Japan (Japan’s 2+ lost decades) as well as
- the period after 1929 in the US (The Great Depression)
...because they are all periods of a ‘balance-sheet recession’ (or similarly, ‘secular stagnation’).