BOOK PREVIEW ONLY
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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