The American Jubilee by Porter Stansberry

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SHORT-TERM INTEREST RATES HIT ZERO

20%

15%

10%

5%

0%

1955

1925 1935 1945

1995 1965 1975 1985 2005

2015

www.stansberryresearch.com

Source: Bridgewater Associates, LP

The government went into mega money-printing mode during both periods...

MONEY PRINTING STARTS DELEVERAGING

24%

20%

16%

12%

8%

4%

0%

1925 1935 1945

1995 1965 1975 1985 2005

2015

1955

www.stansberryresearch.com

Source: Bridgewater Associates, LP

4

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