Acknowledgement
Introduction 7
Part 1: The Archetypal Big Debt Cycle 9
How I Think about Credit and Debt 9
The Template for the Archetypal Long-Term/Big Debt Cycle 13
Our Examination of the Cycle 13
The Phases of the Classic Deflationary Debt Cycle 16
-The Early Part of the Cycle 16
-The Bubble 16
-The Top 21
-The "Depression" 23
-The "Beautiful Deleveraging" 32
-"Pushing on a String" 35
-Normalization 38
Inflationary Depressions and Currency Crises 39
The Phases of the Classic Inflationary Debt Cycle 41
-The Early Part of the Cycle 41
-The Bubble 42
-The Top and Currency Defense 45
-The Depression (Often When the Currency Is Let Go) 49
-Normalization 54
The Spiral from a More Transitory Inflationary
Depression to Hyperinflation 58
War Economies 61
In Summary 64
PART 2: Detailed Case Studies
German Debt Crisis and Hyperinflation (l918-1924}
US Debt Crisis and Adiustment (1928-1937)
US Debt Crisis and Adiustment (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