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Once again, we can trace this back to Nixon Shock.

Real Compensation Per Hour

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Trade Imbalance

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Median Home Prices

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Real GDP vs Total Credit Market Debt

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The Fed discontinued the total credit market series in the fourth quarter of 2017.

Total; credit market debt was roughly $1.7 trillion when Nixon closed the gold window. At last report it was $68.6 trillion.

It takes massive amounts of increasing credit to produce relatively trivial increases in GDP.

Gold vs Faith in Central Banks

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Everything Under Control?

If you don't think so, buy gold.

Mike "Mish" Shedlock