MacroVoices #384 Darius Dale: Blow-Off Top Coming Before Bears Get Validated
Macro Voices
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The Slowdown in Bank Credit Growth Is Not the Boogie Man
We had an inclination that it might not be the boogie man, you know, as early as April in terms of that senior loan officer survey data. The US economy is among the world's leading economies as it relates to the sort of, the proliferation of non-bank financing throughout the economy. If you look at the share of overall credit that is actually on bank balance sheet in the US economy, that number is only at 30%. That compares to right around 50% for the eurozone economy, right around 80 plus percent for the Chinese economy. And so, I don't want to make the definitive call that we're actually accelerating in terms of bank credit growth, particularly by some of these
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