Oops! Sweden's central bank has adjusted its
figures. They had been concerned that
the ratio of household debt to disposable income was 174%, one of the highest
levels in Europe. (In the US it’s more
like 120%.) Delving deeper, they noticed
that when one excludes the households with no debt at all, the ratio is 313% of
disposable income. They are
shocked. (Reuters 5/7)
It seems that the countries
that avoided the financial crisis are destined to have one. Debt and housing prices are soaring in
Australia, Canada, Sweden, Holland, and other countries. Global easy money is undermining the
heretofore healthy economies.
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