http://www.bloomberg.com/news/articles/2016-05-10/u-s-stock-index-futures-advance-amid-global-equity-rebound
QE is not over it is just muted via asset prices relative to equity parity
A= L + E --> Assets equals Liabilities plus Equity
divided by A
A/A = L/A + E/A ; that is how you find out how much you are over-leveraged versus over-equity
1 = L/A + E/A ; this is true over the long term but is not true in the short term due to discretionary spending rates; however that can be true.
if equity goes down then liabilities must have gone up; and vice versa.
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