Epstein Secrets

ted with private inflows since the late 1990s Figure 6: Relative to the private basic balance, the dollar is expensive Source: DB FX Research and Haver Analytics Source: DB FX Research and US Treasury Deutsche Bank Securities Inc. Page 25 EFTA01464356 30 July 2013 Exchange Rate Perspectives: FX and the

gure 35: The basic balance remains in an uptrend... Figure 36: ...as current account surplus outweighs the FDI outflows Source: DB FX Research and Eurostat Source: DB FX Research and Eurostat Page 30 Deutsche Bank Securities Inc EFTA01464361 30 July 2013 Exchange Rate Perspectives: FX and the Fina

a TE - S Note: Housing includes purchase, rent and home improvement. Government savings occur when government runs a surplus. KP Source: BEA, CMS via Haver Analytics. (@E) www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 408 HOUSE_OVERSIGHT_021045 USA Income Taxes Higher, Consumption Taxes Lower

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

Euro Area ™ undexd -05 875 90 -0.6 775 -0.7 675 -3% 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 Source: Citigroup, Bloomberg. Source: Eurostat, Bundesbank. After four years that challenge some of the basic assumptions of efficient markets and laissez-faire capitalism, there is a pent-up dem

ion production production Source: Nationa Bureau of Statistics, PROC, China Automotive Information, China Economic Information Network, CLSA-Markit, Haver Analytics. J.P. Morgan Securities LLC, ISI Group, J.P. Morgan Private Bank. * PMI data areindexlevel. Housingprice toincome, cement production and steel produc