reflections on the panic of 2009 dr. steve h. hanke ... · dr. steve h. hanke, professor of applied...
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VIVALDI FORUMS
SUMMER VIVALDI FORUM - FORECASTING 2012Mokra Gora, June 23-25, 2011
Reflections on the panic of 2009
Dr. Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University in Baltimore
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Fed $ 843 b
Banks (M2) $ 7.8 tn
Shadow Banks $ 16 tn
Int’l Positions of Banks (USD Deposits outside U.S.) $ 37.4 tn ($13.2 tn)
OTC Derivatives $ 684 tn (notional)
Sources: U.S. Federal Reserve System
Bank for International Settlements
Author’s Calculations
The USD Credit Triangle (August 2008)
Prof. Dr. Steve H. Hanke
21 June 2011
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Fed $ 2.9 tn
Banks (M2) $ 9.0 tn
Shadow Banks $ 11.8 tn
Int’l Positions of Banks (USD Deposits outside U.S.) $ 32.7 tn ($12.7 tn)
OTC Derivatives $ 601 tn (notional)
Sources: U.S. Federal Reserve System
Bank for International Settlements
Author’s Calculations
The USD Credit Triangle (June 2011)
Prof. Dr. Steve H. Hanke
21 June 2011
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U.S. Federal Government Expenditures as a Percent of GDPRank Administration Percentage Point Change
1 Clinton -3.9%
2 Eisenhower -1.6%
3 Nixon -0.9%
4 Reagan -0.4%
5 Carter 0.3%
6 Kennedy-Johnson 0.7%
7 H.W. Bush 0.8%
8 Nixon-Ford 1.8%
9 Johnson 2.0%
10 W. Bush 2.5%
11 Obama 3.1%
Note: The rankings are from 1 (best) to 11 (worst).
Sources: Congressional Budget Office, Office of Management and Budget, House Budget Committee, National Commission on Fiscal Responsibility and Reform and Author's Calculations.
Prof. Dr. Steve H. Hanke21 June 2011