The Problem Is Fed Rate Repression, Not Liquidity Shortages—The System Is Awash In Cash

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By David Stockman

CAGR Since Q4 2007 Pre-Crisis Peak:

  • Nominal GDP…………3.31% (brown)
  • Currency………………..7.04% (blue)
  • Savings deposits……..8.03% (green)
  • Checkable deposits….11.82% (purple)

 

 

 

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