The greatest recession, according to many of the smartest guys in the room, could also be the most boring. Words like collapse, crash, flashing signals, are the usual adjectives we use to describe the abnormal. However, the decline of the credit cycle has a new look, and like most trends in the techno-age, it emerged in Japan first. The private sector began paying down debt after the debt-financed asset bubble collapsed, leaving only debt in […]