Cover
Title Page
Copyright Page
Contents
Introduction
Part One Money
Chapter 1 The Power of the Fed
The Power to Create Credit
In the Beginning
The Fed’s Balance Sheet: Two Snapshots
Furnishing an Elastic Currency
Providing Credit
Federal Reserve Credit and the Monetary Base
Constraints
Conclusion
Appendix One The Fed’s Balance Sheet
Appendix Two Traditional Monetary Policy
Notes
Chapter 2 1914 to 1920: World War I
The Balance Sheet
Notes
Chapter 3 1920 to 1930: After the War
The Balance Sheet
Conclusion
Notes
Chapter 4 1930 to 1941: The Great Depression
Total Assets
The Great Depression
Gold
Gold Coverage
Excess Reserves
Notes
Chapter 5 1941 to 1945: World War II
War Financing
Balance Sheet
Federal Reserve Credit and Commercial Bank Credit
Deposit Creation by Commercial Banks
Bretton Woods
Conclusion
Notes
Chapter 6 1945 to 1971: The Bretton Woods Era
Assets
Balance Sheet
Federal Reserve Credit
The End of Gold-Backed Money
Notes
Chapter 7 1971 to 2007: After Gold
Assets
Liabilities
Conclusion
Notes
Part Two Credit
Chapter 8 Credit Creation by the Banking System
Commercial Banks Create Money, Too
How the Process Works
Two Factors Determine How Much Credit Banks Can Create
Credit Creation by Commercial Banks: 1914 to 2007
Why Bank Credit Grew Much Faster than Bank Reserves
Notes
Chapter 9 Credit Creation by the Financial Sector
Creditopia
The Non-Bank Financial Sector Creditors
Funding Through Credit Creation
Credit Without Reserves
Appendix
Notes
Chapter 10 Credit Creation by ForeignCentral Banks
The Financial Sector Is Not Alone
The Rest of the World
The Liquidity Gauge
Notes
Chapter 11 Creditism
A Credit Bonanza
The Debtors
Credit and Wealth
Credit Creation, Not Savings
Creditism’s Achilles’ Heel
Notes
Chapter 12 2007 to 2016: Crisis and Response
Introduction
Meltdown
Saving the Financial System Through Discounting Operations
Reflating the Economy Through Open Market Operations
Why QE Worked
The Fed Was Helped by Other Central Banks
Four Charts
Conclusion
Notes
Chapter 13 Creditism Between the Crises
Creditism in Crisis
Financial Sector Debt
Non-financial Sector Debt
Insufficient Credit Growth
Asset Price Inflation
Tightening
Capitulation
Notes
Chapter 14 Pandemic
The Policy Response
The Details: 2020 vs. 2008
Notes
Chapter 15 Inflation
A Century of Inflation
1919 to 1929
The 1930s
The 1940s
The 1950s
The 1960s
The 1970s
The 1980s
The 1990s
2000 to Mid-2008
Mid-2008 to 2019
2020 to Mid-2021
Notes
Part Three The Future
Chapter 16 America Must Invest
Why a Large-Scale Investment Program Is Possible
Why a Large-Scale Investment Program Is Necessary
How Much to Invest?
Which Industries to Target
How to Structure the Investments
Government Sharing in the Profits
Conclusion
Notes
Chapter 17 Inadequate Investment
Capital Grows
Investment
The Competition
What’s to Be Done?
Note
Chapter 18 R&D: The Future Depends on It
Current Investment in R&D
Allocation
Types of R&D
International Comparisons
The Second Great Divergence
Notes
Chapter 19 America Can Afford to Invest
Estimates for Government Debt and GDP
The CBO’s Pre- and Post-Pandemic Projections
Investing in the Future
Extremely Conservative Assumptions
Toward a More Realistic Scenario
What If Government Debt Is Higher?
Notes
Chapter 20 Monetize the Debt
Financing the Investment Program at No Cost
Seigniorage and Bank Reserves
The Fed’s Balance Sheet Projected to 2031
What Could the Negative Consequences Be?
Notes
Chapter 21 An Investment Revolution
Introduction
Government Investment in R&D
Working Miracles
America’s New Manifest Destiny
Notes
Conclusion
About the Author
Bibliography
Books
Acts of Congress
Papers
Other Sources
Index
EULA
List of Tables
Chapter 1
TABLE 1.1 Simplified Balance Sheet of the Federal Reserve System November 2...
TABLE 1.2 Simplified Balance Sheet of the Federal Reserve Board, November 2...
Chapter 4
TABLE 4.1 Member Bank Reserve Requirements
Chapter 8
TABLE 8.1 Money Creation Through Fractional Reserve Banking
TABLE 8.2 Changes in the Required Reserve Ratio from 1913 to the Present
Chapter 9
TABLE 9.1 The Financial Sector: 2007
Chapter 17
TABLE 17.1 Private Fixed Investment, 2019
TABLE 17.2 Private Fixed Investment in Structures, 2019
TABLE 17.3 Private Fixed Investment in Equipment, 2019
TABLE 17.4 Private Fixed Investment in Intellectual Property Products, 2019
TABLE 17.5 Gross Government Fixed Investment, 2019
TABLE 17.6 Gross Government Fixed Investment Breakdown, 2019
Chapter 18
TABLE 18.1 Who Carries Out the R&D?
TABLE 18.2 Who Funds the R&D?
TABLE 18.3 Business Sector Investment in R&D: Manufacturing Industries, 201...
TABLE 18.4 Business Sector Investment in R&D: Non-manufacturing Industries,...
TABLE 18.5 Higher Education R&D Expenditures, by Field: FY 2018
TABLE 18.6 Federal Research and Development Funding, By Agency, FY 2018
TABLE 18.7 Types of R&D
TABLE 18.8 R&D Expenditure: Types of Work and Source of Funds: 2018
TABLE 18.9 Gross Domestic Expenditure on R&D: 2017
TABLE 18.10 Gross Expenditure on R&D by Type of Work: The US vs. China, 201...
Chapter 21
TABLE 21.1 Federal R&D Funding by Agency: FY2019, Top Five
TABLE 21.2 National Institutes of Health Funding: FY2019
TABLE 21.3 The Leading Causes of Death in the United States in 2017
TABLE 21.4 Department of Energy R&D, FY2019
TABLE 21.5 National Aeronautics and Space Administration R&D, FY2019
TABLE 21.6 National Science Foundation Funding, FY2019
TABLE 21.7 Federal R&D Funding by Agency: With and Without a $10 Trillion I...
TABLE 21.8 National Institutes of Health Funding, Selected Institutes, With...
List of Illustrations
Chapter 1
CHART 1.1 The Fed's Total Assets, 1914 to June 30, 2021
Chapter 2
CHART 2.1 The Fed's Total Assets, 1914 to 1920
CHART 2.2 A Breakdown of the Fed's Major Assets and Liabilities, 1914 to 192...
CHART 2.3 All Banks' Investments in US Government Obligations, Annual $ Chan...
CHART 2.4 Federal Reserve Credit, Annual $ Change, 1915 to 1920
CHART 2.5 Federal Reserve Credit and Its Components, 1914 to 1920
CHART 2.6 The Fed's Total Assets: Gold vs. Assets Acquired with Federal Rese...
CHART 2.7 Gold Coverage Ratio: Ratio of the Fed’s Gold Reserves to Its Note ...
CHART 2.8 All Banks: Loans $ Investments Other Than Investments in Governmen...
Chapter 3
CHART 3.1 The Fed's Total Assets, 1914 to 1930
CHART 3.2 A Breakdown of the Fed's Major Assets and Liabilities, 1914 to 193...
CHART 3.3 Federal Reserve Credit, Annual $ Change, 1915 to 1930
CHART 3.4 Federal Reserve Credit and Its Components 1914 to 1930
CHART 3.5 The Fed's Total Assets: Gold vs. Assets Acquired with Federal Rese...
CHART 3.6 Gold Coverage Ratio, 1914 to 1930
Chapter 4
CHART 4.1 The Fed's Total Assets, 1914 to 1941
CHART 4.2 Federal Reserve Credit and Its Components, 1914 to 1941
CHART 4.3 Federal Reserve Credit, Annual $ Change, 1915 to 1941
CHART 4.4 A Breakdown of the Fed's Major Assets $ Liabilities, 1925 to 1934...
CHART 4.5 A Breakdown of the Fed's Major Assets $ Liabilities, 1914 to 1941...
CHART 4.6 The Fed's Total Assets: Gold vs. Assets Acquired with Federal Rese...
CHART 4.7 Gold Coverage Ratio, 1914 to 1941
Chapter 5
CHART 5.1 The Fed's Total Assets, 1914 to 1945
CHART 5.2 Federal Reserve Credit, Annual $ Change, 1915 to 1945
CHART 5.3 Federal Reserve Credit and Its Components, 1914 to 1945
CHART 5.4 The Fed's Total Assets: Gold vs. Assets Acquired with Federal Rese...
CHART 5.5 A Breakdown of the Fed's Major Assets $ Liabilities, 1914 to 1945...
CHART 5.6 Gold Cover Ratio: Ratio of the Fed’s Gold Reserves to Note and Dep...
CHART 5.7 Commercial Banks: Total Deposits, 1914 to 1945
CHART 5.8 US Government Budget Surplus or Deficit (–), 1900 to 1945
CHART 5.9 Commercial Banks' Holdings of Government Securities, Annual Dollar...
CHART 5.10 Commercial Banks: Total Loans $ Investments vs. Holdings of Gover...
CHART 5.11 Commercial Banks' Holdings of Government Securities as a Percenta...
Chapter 6
CHART 6.1 The Fed's Total Assets, 1914 to 1971
CHART 6.2 US Government's Budget Surplus or Deficit, 1946 to 1971
CHART 6.3 A Breakdown of the Fed's Major Assets and Liabilities, 1914 to 197...
CHART 6.4 The Fed's Ownership of US Treasury Securities as a Percentage of G...
CHART 6.5 The Fed's Total Assets: Gold vs. Assets Acquired with Federal Rese...
CHART 6.6 Federal Reserve Credit, Annual $ Change, 1915 to 1971
CHART 6.7 Federal Reserve Credit and Its Components, 1914 to 1971
CHART 6.8 Gold Coverage Ratio, 1914 to 1968
Chapter 7
CHART 7.1 The Fed's Total Assets, 1914 to 2007
CHART 7.2 A Breakdown of the Fed's Major Asset and Liabilities, 1940 to 2007...
CHART 7.3 US Budget Balance: Surplus or Deficit, 1940 to 2007
CHART 7.4 Federal Reserve Credit, Annual $ Change, 1940 to 2007
CHART 7.5 The Fed's Holdings of Treasury Securities, as a Percentage of Gros...
CHART 7.6 The Fed's Total Assets: Gold vs. Assets Acquired with Federal Rese...
CHART 7.7 Federal Reserve Credit and Its Components, 1940 to 2007
CHART 7.8 Federal Reserve Notes per Capita, 1945 to 2019
CHART 7.9 Federal Reserve Credit, 1940 to 2008
Chapter 8
CHART 8.1 The Monetary Base, M1 & M2, 1959 to 2007
CHART 8.2 US Gold & Bank Reserves, 1914 to 1945
CHART 8.3 Commercial Banks: Reserves, Deposits, and Loans and Investments, 1...
CHART 8.4 Commercial Banks: Government Securities Held as a Percentage of To...
CHART 8.5 The Ratio of Bank Reserves to Bank Deposits, 1917 to 1945
CHART 8.6 The Ratio of Bank Deposits to Bank Reserves, 1917 to 1945
CHART 8.7 Total Loans and Investments: Annual Dollar Change, 1915 to 1945...
CHART 8.8 Total Loans and Investments: Annual Dollar Change, 1915 to 1970...
CHART 8.9 US Gold & Bank Reserves, 1914 to 1970
CHART 8.10 Commercial Banks: Reserves, Deposits, and Loans and Investments, ...
CHART 8.11 The Ratio of Bank Reserves to Bank Deposits, 1917 to 1970
CHART 8.12 The Ratio of Bank Deposits to Bank Reserves, 1917 to 1970
CHART 8.13 US Gold and Bank Reserves, 1914 to 2007
CHART 8.14 Commercial Banks: Reserves, Deposits, and Loans and Investments, ...
CHART 8.15 Total Loans and Investments, Annual Dollar Change, 1915 to 2007...
CHART 8.16 The Ratio of Bank Reserves to Bank Deposits, 1917 to 2007
CHART 8.17 The Ratio of Bank Deposits to Bank Reserves, 1917 to 2007
CHART 8.18 The Ratio of Bank Reserves at the Fed plus Vault Cash as a Percen...
Chapter 9
CHART 9.1 Credit Provided by the Entire Financial Sector vs. Credit Provided...
CHART 9.2 Total Financial Sector Credit as a Percentage of GDP, 1945 to 2007
CHART 9.3 Total Financial Sector Credit, Annual $ Change, 1946 to 2007
CHART 9.4 Credit Provided by Private Depository Institutions vs. the Rest of...
CHART 9.5 The Annual Dollar Change in Total Financial Sector Credit vs. Priv...
CHART 9.6 Market Share of Credit Extended by the Financial Sector: Private D...
CHART 9.7 A Breakdown of the Market Share of Financial Sector CreditorsSourc...
CHART 9.8 A Breakdown of the Market Share of Financial Sector Creditors: Per...
CHART 9.9 The Annual Dollar Change in Credit Extended by Private Depository ...
CHART 9.10 The Largest of the Remaining Financial Sector Creditors (those wi...
CHART 9.11 The Financial Sector Funding: Deposits vs. Debt, 1945 to 2007
CHART 9.12 Bank Reserves at the Fed as a Percentage of Total Financial Secto...
CHART 9.13 Total Credit Provided by the Financial Sector vs. Total Deposits ...
CHART 9.14 A Breakdown of the Private Depository Institutions' Total Loans a...
CHART 9.15 A Breakdown of the Debt Securities Owned by the Private Depositor...
CHART 9.16 A Breakdown of the Debt Securities Owned by the Private Depositor...
Chapter 10
CHART 10.1 Credit Extended by Financial Sector, Rest of the World, $ Non-fin...
CHART 10.2 Credit Extended by Financial Sector, the Rest of the World, $ Non...
CHART 10.3 The Non-financial Sector Creditors as a Percentage of GDP, 1945 t...
CHART 10.4 US Current Account Balance, 1950 to 2007 Source: Data from US Cur...
CHART 10.5 Mirror Image: The US Current Account = The Financial Account and ...
CHART 10.6 The Cumulative US Current Account Deficit, 1950 to 2007Source: Da...
CHART 10.7 Total Foreign Exchange Reserves, 1950 to 2007Source: Data from th...
CHART 10.8 The Cumulative US Current Account Deficit vs. Total Foreign Excha...
CHART 10.9 US Government Debt Owned by the Fed and the Rest of the World, 19...
CHART 10.10 The Share of US Government Debt Owned by the Fed and the Rest of...
CHART 10.11 The Surplus on the US Financial Account and Capital Account vs. ...
CHART 10.12 Liquidity Gauge, 1990 to 2008Source: Data from the Financial Acc...
CHART 10.13 The Federal Funds Rate vs. the 10-Year Government Bond Yield, 19...
Chapter 11
CHART 11.1 Total Credit 1952 to 2007
CHART 11.2 The Monetary Base, M2, and Total Credit, 1959 to 2007Source: Data...
CHART 11.3 The Ratio of Total Credit to the Monetary Base 1959 to 2007Source...
CHART 11.4 The Ratio of Total Credit to GDP, 1945 to 2007 Source: Data from ...
CHART 11.5 The Ratio of Debt to GDP by Major Sector, 1945 to 2007Source: Dat...
CHART 11.6 The Public Debt of the Federal Government, 1900 to 1945Source: Da...
CHART 11.7 Government Debt to GDP, 1930 to 1945Source: Data from Historical ...
CHART 11.8 The Non-financial Sector Debt to GDP by Category, 1945 to 2007Sou...
CHART 11.9 US Government Budget Surplus or Deficit (–), 1960 to 1992Source: ...
CHART 11.10 The Annual Change in Household Sector Debt, 1946 to 2007Source: ...
CHART 11.11 Breakdown of the Financial Sector Debtors, 1945 to 2007Source: D...
CHART 11.12 Financial Sector Debt Excluding the GSEs and Issuers of Asset-Ba...
CHART 11.13 Breakdown of the Financial Sector Debt Excluding GSEs and ABS Is...
CHART 11.14 The Annual Change in Financial Sector Debt, 1946 to 2007Source: ...
CHART 11.15 The Annual Dollar Change in the Debt of the Household Sector, th...
CHART 11.16 Debt and the Dow: The Ratio of Total Debt to GDP vs. the Dow Jon...
CHART 11.17 Real Estate Owned by the Household Sector: Owner-Occupied Real E...
CHART 11.18 Wealth and Credit: Household Sector Net Worth vs. Total Credit (...
CHART 11.19 The Ratio of Household Net Worth to GDP, 1945 to 2007Source: Dat...
CHART 11.20 Household Net Worth, Annual Dollar Change, 1946 to 2007
CHART 11.21 Net Private Savings vs. the Increase in Total Credit, 1947 to 20...
CHART 11.22 The Ratio of Annual Credit Growth to Annual Net Private Savings,...
CHART 11.23 Total Credit vs. Cumulative Net Private Savings, 1945 to 2007Sou...
CHART 11.24 Credit Growth vs. GDP Growth, Adjusted for Inflation, 1952 to 20...
CHART 11.25 Commercial Banks: Total Loans and Investments, Annual Dollar Cha...
Chapter 12
CHART 12.1 The Fed's Total Assets, 1914 to 2008
CHART 12.2 Federal Reserve Credit Extended Through Discounting Operations, 2...
CHART 12.3 A Breakdown of the Fed's Discounting Operations, 2006 to 2010
CHART 12.4 The Fed's Holdings of Treasury Securities and GSE-Backed Mortgage...
CHART 12.5 A Breakdown of the Fed's Assets, 2000 to 2016
CHART 12.6 Assets Obtained Through Discounting Operations vs. Assets Purchas...
CHART 12.7 The Fed's Total Assets, 2000 to 2016
CHART 12.8 A Breakdown of the Fed's Liabilities, 2000 to 2016
CHART 12.9 US Government Receipts and Outlays, 2000 to 2014
CHART 12.10 US Government Surplus or Deficit, 2000 to 2014
CHART 12.11 US Government Debt Owned by the Fed, 1945 to 2016
CHART 12.12 QE & the S&P
CHART 12.13 S&P/Case Shiller 20 City Composite Home Price Index, 2000 to 201...
CHART 12.14 Household Net Worth, 1952 to 2014
CHART 12.15 Total Foreign Exchange Reserves, 1970 to 2014
CHART 12.16 US Government Debt Owned by the Rest of the World, 1970 to 2014...
CHART 12.17 US Government Debt Owned by the Fed and the Rest of the World, 1...
CHART 12.18 The Fed's Total Assets, 1945 to 2016
CHART 12.19 A Breakdown of the Fed's Major Assets and Liabilities, 1945 to 2...
CHART 12.20 Federal Reserve Credit, Annual $ Change, 1940 to 2016
CHART 12.21 Federal Reserve Credit and Its Components, 1914 to 2016
Chapter 13
CHART 13.1 Total Credit = Total Debt, 1945 to 2019
CHART 13.2 Total Credit to GDP, 1945 to 2019
CHART 13.3 The Ratio of Debt to GDP by Major Sector, 1945 to 2019
CHART 13.4 The Financial Sector Debt to GDP by Sub-Sector, 1945 to 2019
CHART 13.5 Non-financial Sector Debt to GDP by Sub-sector, 1945 to 2019
CHART 13.6 US Government Budget Deficit (–) or Surplus, 2000 to 2019
CHART 13.7 Non-financial Sector Debt by Sub-sector, 1945 to 2019
CHART 13.8 Total Credit, Annual Percentage Change, Adjusted for Inflation, 1...
CHART 13.9 US Real GDP, Annual Percentage Change, 1981 to 2019
CHART 13.10 Credit Growth vs. GDP Growth, Adjusted for Inflation, 1952 to 20...
CHART 13.11 Household Net Worth, 1952 to 2019
CHART 13.12 Households Net Worth as a Percentage of Disposable Personal Inco...
CHART 13.13 Federal Reserve Credit, 1990 to 2018
CHART 13.14 Household Net Worth, Quarter on Quarter Change, 1991 to 2019
CHART 13.15 Federal Reserve Credit, 2000 to 2019
CHART 13.16 Household Net Worth, Annual Dollar Change, 1990 to 2019
Chapter 14
CHART 14.1 US Government Borrowing, Monthly, 2010 to June 2021
CHART 14.2 The Fed's Holdings of US Treasury Securities, Weekly Change, 2018...
CHART 14.3 The Fed's Holdings of Mortgage-Backed Securities, Weekly Change, ...
CHART 14.4 Reserve Bank Credit, Weekly Change, 2018 to June 30, 2021
CHART 14.5 Federal Reserve Credit, Weekly Change, 2006 to June 30, 2021
CHART 14.6 The Breakdown of Federal Reserve Credit: Securities Bought Outrig...
CHART 14.7 Breakdown of Securities Held Outright, 2006 to June 30, 2021
CHART 14.8 Total Lending (formerly known as Discounting), 2006 to June 30, 2...
CHART 14.9 A Breakdown of Total Lending Between Repos, Central Bank Swaps, L...
CHART 14.10 Central Bank Liquidity Swaps, 2006 to June 30, 2021
CHART 14.11 Repurchase Agreements, 2006 to June 30, 2021
CHART 14.12 Loans, 2006 to June 30, 2021
CHART 14.13 Total Credit Facilities, 2006 to June 30, 2021
CHART 14.14 Federal Reserve Credit, 2006 to June 30, 2021
Chapter 15
CHART 15.1 Base Money vs. CPI: Percentage Change from Year Ago, 1919 to 1929...
CHART 15.2 US Government Debt, 1900 to 1930
CHART 15.3 Base Money vs. CPI: Percentage Change from Year Ago, The 1930s...
CHART 15.4 Base Money vs. CPI: Percentage Change from Year Ago, The 1940s...
CHART 15.5 Base Money vs. CPI: Percentage Change from Year Ago, The 1950s...
CHART 15.6 Base Money vs. CPI: Percentage Change from Year Ago, The 1960s...
CHART 15.7 Base Money vs. CPI: Percentage Change from Year Ago, The 1970s...
CHART 15.8CHART 15.8 US Current Account Balance: 1947 to 2016
CHART 15.9 Base Money vs. CPI: Percentage Change from Year Ago, The 1980s...
CHART 15.10 Base Money vs. CPI: Percentage Change from Year Ago, The 1990s...
CHART 15.11 Base Money vs. CPI: Percentage Change from Year Ago, 2000 to Mid...
CHART 15.12 Base Money vs. CPI: Percentage Change from Year Ago, Mid-2008 to...
CHART 15.13 Base Money vs. CPI, Percentage Change from Year Ago, January 202...
CHART 15.14 Base Money vs. CPI: Percentage Change from Year Ago, 1919 to Mid...
Chapter 17
CHART 17.1 The Capital Stock of the United States, 1925 to 2019
CHART 17.2 Annual Percentage Change in Fixed Assets, 1926 to 2019
CHART 17.3 Annual Percentage Change in Real Gross Domestic Fixed Investment,...
CHART 17.4 Annual Percentage Change in Real Gross Domestic Product, 1940 to ...
CHART 17.5 Government Investment as a Percentage of GDP, 1950 to 2019
CHART 17.6 The Breakdown of Total Investment Between Private Investment and ...
CHART 17.7 Total Investment, including Private and Government Fixed Investme...
CHART 17.8 Private Residential Investment, 1950 to 2019
CHART 17.9 Private Investment in Intellectual Property Products, 1950 to 201...
CHART 17.10 Government Investment as a Percentage of GDP: Total, Federal, an...
CHART 17.11 Federal Government Fixed Assets, Annual Percentage Change, 1926 ...
CHART 17.12 Federal Government Fixed Assets, Annual Percentage Change, 1951 ...
CHART 17.13 Annual Fixed Investment US vs. China, 1952 to 2019
CHART 17.14 Annual Fixed Investment: US vs. China, 1957 to 2019
Chapter 18
CHART 18.1 United States: Total R&D Expenditure, 1953 to 2018
CHART 18.2 Total R&D Expenditure, Annual Percentage Change, 1954 to 2018
CHART 18.3 R&D Expenditure by Source of Funds, 1953 to 2018
CHART 18.4 Federal Government Obligations for R&D and R&D Plant by Selected ...
CHART 18.5 US: Total Expenditure on Basic Research, 1953 to 2018
CHART 18.6 Annual % Change in Total Expenditure on Basic Research, 1954 to 2...
CHART 18.7 Expenditure on Basic Research: Federal Government, Business, and ...
CHART 18.8 Federal Government Expenditure on Basic Research, Annual Percenta...
CHART 18.9CHART 18.9 Gross Domestic Expenditure on R&D by the United States,...
CHART 18.10 Gross Domestic Expenditure on R&D: The US vs. China, 2000 to 201...
CHART 18.11 R&D Investment, Annual Dollar Change: The US vs. China, 2001 to ...
CHART 18.12 R&D Investment, Annual Percentage Change: The US vs. China, 2001...
CHART 18.13 Gross Domestic Expenditure on R&D: The US vs. China, 2000 to 203...
Chapter 19
CHART 19.1 The CBO's Projections for Government Debt to GDP, Pre- and Post-P...
CHART 19.2 The CBO's Projections for GDP Growth, Pre- and Post-Pandemic, 202...
CHART 19.3 The CBO's Projections for US GDP, Pre- and Post-Pandemic, 2019 to...
CHART 19.4 The CBO's Current Projections for Government Debt and Nominal GDP...
CHART 19.5 The $10 Trillion Investment Program, Investment per Year, 2020 to...
CHART 19.6 Government Debt After the $10 Trillion Investment Program, 2019 t...
CHART 19.7 Government Debt and GDP After the $10 Trillion Investment Program...
CHART 19.8 Government Debt as a Percentage of GDP, Three Scenarios, 2019 to ...
CHART 19.9 Government Debt as a Percentage of GDP, Three Scenarios, 1940 to ...
CHART 19.10 Japan: Gross Government Debt to GDP, Percentage of GDP, 1980 to ...
Chapter 20
CHART 20.1 The Fed's Remittances to the US Treasury Department, 1914 to 2020...
CHART 20.2 The Fed's Balance Sheet, Major Items Only, 1945 to 2006
CHART 20.3 The Fed's Balance Sheet, Major Items Only, 1945 to 2014
CHART 20.4 The Effective Federal Funds Rate, 2008 to mid-2021
CHART 20.5 The Fed's Total Assets Projected to 2031 est.
CHART 20.6 Fed's Total Assets as a Percentage of GDP, 1945 to 2031 est.
CHART 20.7 BOJ Total Assets as Percentage of GDP, 2000 to 2020
CHART 20.8 The Fed's Balance Sheet Projected to 2031, Major Items Only, 1945...
CHART 20.9 Bank Reserves as a percentage of Bank Deposits, 1945 to 2031 est....
CHART 20.10 Consumer Price Inflation, Monthly Percentage Change, January 201...
Chapter 21
CHART 21.1 Gross Domestic Expenditure on R&D: the US vs. China, 2000 to 2031...
