OOF: Horrible Chart From Richard Koo Shows Why The Economy Will Stink Until 2020

In Richard Koo’s latest note, he includes a chart detailing the progress of deleveraging in the U.S.

In a word, poor. We’re not even half way back to the pre-credit bubble trend line, and won’t get there until 2020.

Click through for a larger version (via @Dutch Book):

Chart

Photo: Nomura

Don’t miss: Richard Koo’s epic presentation on the balance sheet recession >

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