However, the effects of the still unfolding series of measures taken by U.S. authorities to socialize the hurt from a rapid deleveraging of the economy are going to be with us, internationally, for years to come.
It is much more to do with the belated recognition by banks and businesses of how the "deleveraging of the British economy" - the attempt by households, government and businesses to reduce the burden of debt bearing down on them - is squeezing consumption and economic growth.
"I don't think it's as bad here as it is in the euro area economy, where I would say the view amongst my peers is that already in the euro area economy the deleveraging of euro area banks is leading to early signs of a credit crunch, with concerns that it will get worse, " King said.
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There is still some serious deleveraging going on in the economy.
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In one corner, the powerful negative forces of debt deleveraging will continue to pressure the economy, employment, and income growth in a potentially negative way.
So if Europe is to avoid a deep deleveraging that threatens to crush the economy, the question of how and on what terms the markets might be willing to keep funding European banks is vitally important.
"When households become more interested in deleveraging and saving than borrowing, the economy grinds to a halt, " writes Kessler.
Roberts, though, thinks that it's only natural that a battered economy, in the process of deleveraging, won't be able to kick into automatic pilot, regardless of the level of monetary adjustment.
Lord Turner warns that the process of businesses, households, banks and the government trying to cut their big debts built up in the boom years, what is known as deleveraging, may bear down on the British economy's ability to grow for many years yet.
How much deleveraging has occurred in the U.S. economy to date?
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Not to mention that these record margins on record sales would be achieved in a global economy in the grips of an extended deleveraging process with much of the developed world entering recession or battling depression.
In this environment, therefore, government must borrow and spend the savings generated by the deleveraging in the private sector in order to keep the economy from entering a deflationary spiral.
The U.S. economy is suffering because of a combination of historic deleveraging, lackluster support from fiscal policy makers in Washington, and a general, yet pervasive, lack of business confidence.
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Anything the Fed can do to stop or slow the process of deleveraging in the short term will support the U.S. economy.
He might wonder why Mr. King is focused on RBS when BOE data show that it is Lloyds and Santander U.K. whose rapid deleveraging is inflicting the most damage on the U.K. economy, as they wrestle with loan-to-deposit ratios of 135% and 125% respectively.
In the U.K. where regulatory pressure has already led to substantial deleveraging, bank lending has slumped, borrowing costs have risen, the economy has flat-lined and bank shares have crashed.
Since so many small banks have now tapped LTRO, hopes are rising that as well as slowing the pace of bank deleveraging and propping up sovereign-bond markets, the liquidity may encourage new lending to the real economy.
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No one knows exactly what the right balance of debt and equity is in an economy, but the shrinkage of securitisation in particular makes it more likely that the process of deleveraging will overshoot.
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