Open-Market Sustainability

Linda Rae Duchaine
Passengers wait for a train at a metro station in Washington, DC. More and more homebuyers are looking to leave car-dependent suburbs for walkable, service-rich, transit-oriented neighborhoods.
 
The modern economy experiences two types of cyclical debt cycles: the short-term business cycle that produces the familiar oscillation between expansion and recession, bull and bear; and the long-term debt cycle that we are experiencing now. During the 75-year period of these cycles, the debt-to-income profile of the entire economy gradually builds up a stock of household, corporate, and government debt that income is insufficient to service. The credit reset from indebtedness to balance is called a deleveraging.
 
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