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

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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