Hussman on Deleveraging

"Meanwhile, the Federal Reserve now holds $2 trillion more on its balance sheet than it did three years ago. If it ever has to disgorge this debt, even over time, the sale would crowd out 20% of U.S. gross private domestic investment for 5 years running. These problems are more than a simple political issue of 'doing the right thing.' While central banks have successfully created an environment of blissful ignorance of deeper economic realities, they have also encouraged policymakers to waste time that should not have been wasted."