Epstein Secrets

Source: Federal Reserve, Bureau of Economic Analysis, As of 12/30/11 Note: Debt Service is Debt payments as % of disposed° personal income Source: Federal Reserve Bank, ECB 4 J.P.Morgan EFTA_R1_02049746 EFTA02696368 GIO: Approach to Absolute Return Investing We are asset class agnostic TOP OPPORTUNISTIC INVE

its structured products or options exposures. Structured products and options are not insured by the Federal Deposit insurance Corporation (FDIC). the Federal Reserve Board, or any other governmental agency. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cite

A_R1_02049745 EFTA02696367 Macro ...But This Is Not 2008 0 0 CO z z z cc O a. cc O. a a. 0 Source: Bloomberg Sources: FRB, BEA, ECB, Eurostat, BoE, Office for National Statistics. BoJ. Cabinet Office. Data as of O4 2011. U.S. Households Deleveraging %GDP 130% 120% 110% 100% 90% 80%

ill weigh further on import prices, likely suppressing consumer goods inflation through 2017. These projections are corroborated by simulations of the Federal Reserve Board's FRB/US macroeconomic model. Therefore, we have cut our 2016 real GDP growth forecast (Q4/04) to 2.2% from 2.7%. Additionally, we have lowered our 2

3.0 3.5 4.0 2012 2013 PCE deflator Compensation per employee Employment Real total compensation 2014 2015 Source: Deutsche Bank Research , Eurostat 2016 2017 Figure 3: Investment spending recovery has flattened EA non-construction investment spending (lhs) German mfg orders from EA ex heavy

1-90, Euro area and US Q4-07 Vertical lines indicate the peak in deleveraging in US and EA Source: : Haver Analytics LP, Bloomberg Finance LP, ECB, Federal Reserve, Bank of Japan, Deutsche Bank Research US -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Figure 2: _and long term real rate dynamics Japan Euro area

long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit, as the unemployment rate peaked mid-2013 in the euro area vs. late 2009 i

blic programs, including Medicaid and the State Children's Health Insurance Program. Federal Reserve System - The central bank of the United States. The Federal Reserve is responsible for setting the nation’s monetary policy and overseeing credit conditions. See central bank and monetary policy. USA Inc. xxi HOUSE_

ll public sector employees e Reduce state payroll via attrition e 50% bonus tax on top bank executives e Privatize state-owned industries Source: Eurostat, European Commission, IMF, New York Times, Financial Times, BBC, Wall Street Journal. USA Inc. | Consequences of Inaction 426 HOUSE_OVERSIGHT_02105