19

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20

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21

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22

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23

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24

R. Gordon, ‘The Turtle’s Progress: Secular Stagnation Meets the Head-winds’ в: Teulings and Baldwin (eds.), Secular Stagnation.

25

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26

http://www.treasury.gov/ticdata/Publish/mfh.txt

27

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28

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29

http://www.economist.com/blogs/freeexchange/2011/08/markets-and-fed

30

http://www.multpl.com

31

http://www.federalreserve.gov/boardDocs/speeches/2002/20021121/default.htm

32

http://www.economist.com/blogs/freeexchange/2013/11/unconventional-monetary-policy

33

D. Schlichter, Paper Money Collapse: The Folly of Elastic Money (London, 2012), loc 836.

34

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36

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37

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38

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