15 10 5 -5 UK US Napo leonicwars: deficit monetised Consumer price inflation. yhif:,, 11-yr MA Fiscal monetisation during WWI Fiscal monetisation during WWII US +Aar of indepen• noi.s I I UScivil war 1st industrial revolution: productivity-led def lotion 2nd industrial revolution: productiVity rebound:gold finds Great Depression 1. Volcker clamps down on inflation Fiscal monetisation during Vietnam War; oil shocks -10 — 1750 1775 1800 1825 1850 1875 1900 1925 1950 1975 2000 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106562 CONFIDENTIAL SDNY_GM_00252746 EFTA01450736