Epstein Secrets

e.g., with less restrictive rules for securitisation. Aimed at unlocking investment in Europe (additional EUR 315bn over the next three years) is the European Fund for Strategic Investment EFSI, which is up and running now. Finally, the Commission has tabled a proposal on the third pillar of the banking union,

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

ent as % of GDP, 1999 vs. 2009 Dg mm mm — me me — ae a = = Hm a Q 0) 5 m= 2009 = 1999 Ry EET, NI m2 se aa me a ee sce ee est te see ea a a a a a & European Union 2009 Average = 17.1% o 2 —* -@2 -3 - ga -#)- 93 -» - g----------------: £ ° (0) > 2 Ko] @ a 10% | ili: i a 2 we a < C7) [a] & 5% T T

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

h more time to fail. Industrial production Index, 100 = January 2007 110 105 100 95 90 85 80 15 2007 2009 2010 2011 Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. Periphery = Portugal, Ireland, Italy, Greece, Spain. 2008 * The current EFSF len

Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund IF Institute of International Finance ECB European Central Bank EMU European Monetary Union AMT Alternative Minim