They have it completely backwards | Signals and Noise, September 18

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Every growing economy needs more debt somewhere in the system, either from private borrowing or from a bigger government deficit. The US budget deficit is growing, and the US economy is running at roughly 2.75% real growth. That is not a coincidence.

This week's Signals & Noise looks at why we think the debate has it backwards, leveraged property speculation gets a free pass while productive government spending gets blamed for every problem. We also break down the one heuristic that actually explains property prices, and a Black Swan warning worth taking seriously from Nassim Taleb's own business partner.

Steve, Tom & Jacob
The TMM Team

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