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Enter your password to view comments. have come up with a large graphic (an “addogram”) about the evolution of central banking in England and America going as far back as 1640. If you take a look at the zoomable image (click “Explore this addogram in high-resolution” once at the link above) you can see how UK & US central banks affected (and were affected by) equity, bond and gold prices since 1840. Present dynamics in central bank balance sheets and long & short-term yields looks eerily similar to 1930-1950. Interesting stuff.

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