We raise this point again because the recently released 'Fed Flow of Funds' report makes it startlingly clear that global equity markets rely exclusively on debt creation in the US for their sustenance.
--To be more precise, they rely on debt creation by the US Federal Government. Take a look at the accompanying table from the Fed Flow of Funds report. It shows the growth of domestic non-financial debt since 2000 and was recently updated for the second quarter of 2010.
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