Today's chart of the day, via Pictet:
Take pre-crisis swing to crisis to the swing to post-crisis (2013-on)... any wonder euro area growth is 0.2% and we call it 'recovery'?.. ECB balance sheet approximately doubled since 2007, Fed's one more than quintupled... pair this with toxic loans deleveraging (the two are obviously linked via funding) and you have the euro system loaded with private sector weaknesses and US system loaded with forward pain of deleveraging the Fed...
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