We're in the middle of watching Gluskin-Sheff economist David Rosenberg present a gloomy outlook for the economy at The Big Picture conference. Much of his take is centered around the idea that we're still ony part way through the end of the deleveraging cycle, and that we may be only half way through the decline of household debt.

The key chart which he sees as representing this moment?

This chart: Household net worth changed compared to five years earlier.