EFTA01450736.pdf
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15 Consumer price inflation. yhif:,, 11-yr MA
UK US
Fiscal monetisation
during WWI Fiscal monetisation Volcker
10 Napo leonicwars: during WWII clamps
deficit monetised down on
US +Aar of inflation
indepen• noi.s I I UScivil war
5
-5
2nd industrial revolution: shocks
1.
Fiscal monetisation
during Vietnam War; oil
1st industrial revolution: productiVity rebound:gold
productivity-led def lotion finds Great Depression
-10 —
1750 1775 1800 1825 1850 1875 1900 1925 1950 1975 2000
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106562
CONFIDENTIAL SDNY_GM_00252746
EFTA01450736
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EFTA01450736
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