This graph shows "Savings" (same as yesterday: M2 less M1) and the Federal Debt as given in FRB Z.1 (17 September 2010) table D3 (Debt Outstanding by Sector) in the "Federal government" column.
These are just raw numbers, no indexing or any manipulations.
I'd say the numbers are close.
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Interesting on this graph: Federal Debt runs below savings from start-of-data (1976) to 1990 or so... Then higher, until 2000 or so... Then lower again.
The Federal debt is higher for a period of years close to the "golden decade" -- 1995 to 2004. I wouldn't expect that to be coincidence.
Now I need numbers from before 1976... I think they will show Federal debt higher than savings during most of the 1947 to 1973 "golden age." That would be somethin'!
Thanks, Greg!
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