Doug Noland - "What Happened to Deleveraging?" (A Critique)

``As one might expect, the McKinsey report is tilted toward conventional thinking and economic doctrine.  From my analytical perspective, it is short on critical Credit analysis.  It is, understandably, bereft of Credit Theory.  And there's palpable complacency regarding the U.S. markets and economy.  I take exception with some details of the analysis, not to be critical but only in the spirit of expanding what I see as crucial aspects of the ongoing "global government finance Bubble."''