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August 29, 2007

The Result of 35 Years of a Paper Global Monetary System
by Paul Kasriel

I'll skip the thousand words - the picture says it all.

Total US Debt / Sum of US Nominal Physical and Human Capital*
%

*Human capital is defined as capitalized value of educational and research expenditures.

*Paul Kasriel is the recipient of the 2006 Lawrence R. Klein Award for Blue Chip Forecasting Accuracy

Paul L. Kasriel, Director of Economic Research
The Northern Trust Company
Economic Research Department
Positive Economic Commentary
"The economics of what is, rather than what you might like it to be."
50 South LaSalle Street, Chicago, Illinois 60675

The information herein is based on sources which The Northern Trust Company believes to be reliable, but we cannot warrant its accuracy or completeness. Such information is subject to change and is not intended to influence your investment decisions.

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