This is a somewhat academic piece by Steve Keen, in which he relates the debt cycle to growth and demonstrates that asset prices are in trouble as we de-lever on both a national and local level. He uses some simple math, but I think most of you can get it; otherwise just follow along. If you get this, you get why Bernanke, Greenspan, Krugman, et al. are wrong about the Great Moderation. It was the result of credit creation, not monetary policy. This is one of the better pieces I have run across this weekend. I am back on track, having taken the weekend off (imagine that!).