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A Template for Understanding Big Debt Crises
Acknowledgements
Introduction
PART 1: The Archetypal Big Debt Cycle
How I Think about Credit and Debt
The Template for the Archetypal Long-Term/Big Debt Cycle
Our Examination of the Cycle
The Phases of the Classic Deflationary Debt Cycle
The Early Part of the Cycle
The Bubble
The Top
The “Depression”
The “Beautiful Deleveraging”
“Pushing on a String”
Normalization
Inflationary Depressions and Currency Crises
The Phases of the Classic Inflationary Debt Cycle
The Early Part of the Cycle
The Bubble
The Top and Currency Defense
The Depression (Often When the Currency Is Let Go)
Normalization
The Spiral from a More Transitory Inflationary Depression to Hyperinflation
War Economies
In Summary
PART 2: Detailed Case Studies
German Debt Crisis and Hyperinflation (1918-1924)
US Debt Crisis and Adjustment (1928–1937)
US Debt Crisis and Adjustment (2007–2011)
PART 3: Compendium of 48 Case Studies
Glossary of Key Economic Terms
Primarily Domestic Currency Debt Crises
Non-Domestic Currency Debt Crises
Appendix: Macroprudential Policies
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