Epstein Secrets

ten mature economies rose from 200% of GDP in 1995 to 300% in 2008 (see chart 1 for a breakdown by country). There were even more startling rises in Iceland and Ireland, where debt-to-GDP ratios reached 1,200% and 700% respectively. The burdens proved too much for those two countries, plunging them into

ure on items such as unemployment benefits. The hawks counter that there comes a point when further deficits are self-defeating. Carmen Reinhart and Kenneth Rogoff suggest that the crunch arrives when the debt-to-GDP ratio reaches around 60% in emerging markets and 90% in developed economies. In rich countries

| $0 Korea Japan Greece UK lreland Belgium Turkey Czech Republic Mexico Poland Hungary Slovak Republic Portugal New Zealand OECD average Finland Iceland Sweden Australia Denmark Netherlands Germany France Austria Canada Switzerland Norway Luxembourg Note: OECD data adjusted for Purchasing Power Parit

enue sufficient to support entitlement spending + interest payments until ZOG0E — 35 years later than current projection. Note: *Carmen Reinhart and Kenneth Rogoff observed from 3,700 historical annual data points from 44 countries that the relationship between government debt and real GDP growth is weak for de

8 Austria Netherlands 9 Belgium Australia 9 Ireland Germany 10 France Germany 10 Sweden Switzerland 11 Austria Estonia 1 Czech Republic UK 12 Denmark Iceland 12 France Slovenia 13 Iceland Denmark 13 Norway Poland 14 Sweden Slovenia 14 USA ireland 15 Ireland Norway 45 Hungary Belgium 16 Norway . France 16 I

1 1 6 7 1 2 4 3 1 1 3 1 2 1 1 2 1 0 1 1 0 2 0 Top 1-25 Global $32,438 $47,081 -3% 81% $2,790 34,632 57,937 -2 100 2,885 Note: “Carmen Reinhart and Kenneth Rogoff observed from 3,700 historical annual data points from 44 countries that the relationship between government debt and real GDP growth is weak for deb