Epstein Secrets

for the last two centuries. Almost all the other rich countries have followed a different path. In the

tment booms and financial crises initiated by capital investment typically from London or New York; a process documented beautifully by Reinhart and Rogoff in 'This Time is Different' [Reinhart & Rogoff 2009]. One aside with regard to the use of the word capital, which in international economics is use

ummary; and 460 PowerPoint slides containing data-rich observations. There’s a lot of material — think o

cent of GDP. Above 90 percent, median growth rates fall by one percent, and average growth falls considerably more. We note that while Reinhart and Rogoff’s observations are based on ‘gross debt’ data, in the U.S., debt held by the public is closer to the European KP countries’ definition of government

ctor Matheus Dibo Vice President Mary Catherine Rich Vice President This material represents the view

ment Strategy Group, Datastream, Global Financial Data. * We define “severe” recessions according to those identified by Carmen Reinhart and Kenneth Rogoff in “Recovery from Financial Crises: Evidence from 100 Episodes” (2014), as well as the 1937 recession (a continuation of the 1929 recession) and the