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Since property accounts for so much of the financial system's aggregate balance-sheet, losses from real-estate busts are likely to be synchronised across banks.
ECONOMIST: Bricks and slaughter
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The latest released minutes of the Exchange Fund Advisory Committee reveal that the panel rejected a proposal to dollarize the "aggregate balance" or the total of the clearing accounts banks maintain with the Monetary Authority, the de facto central bank.
CNN: Intelligence: The Dollarization Debate Again
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This strength reflects solid pre-September labor market conditions, profit growth, the strong aggregate household balance sheet, and all-cylinder foreign growth.
FORBES: Third Quarter Strength, Stagflation Ahead
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Under the OVDI, taxpayers are subject to a penalty equal to 25 percent of the highest aggregate account balance on their undisclosed account(s) between 2003 and 2010.
FORBES: IRS Voluntary Disclosure A Mistake For Some
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In aggregate, the balance sheets of these companies have never been stronger.
FORBES: America's $1.2 Trillion Constipation Problem
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When you aggregate all this it yields the prediction that the eurozone is - on balance - likely to hold together (just), but at an enormous social and economic cost for Spain, Greece and a few others.
BBC: The price of saving the eurozone