Scary Chart of US Consumer Credit...Yikes!

To say that consumer credit is contracting in the United States may be a bit of an understatement!

Can you spot the trend in consumer credit?

Contracting credit is the crux of Robert Prechter's deflationary thesis - something we've been discussing at length in this space.

How about another haiku to summarize?

Credit's going poof

As gold rockets through the roof

Did I miss something?

This chart was originally published in the Daily Reckoning. The Daily Reckoning, a FREE daily e-letter, offers a "uniquely refreshing" perspective on the global economy, investing, and today's markets.