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Fed Chair Powell Got a Lesson in Economics from Senator Lummis: U.S. Households Are Sitting on the Highest Level of Bank Deposits in the Past 68 Years

Courtesy of Pam Martens

Bank Deposits to GDP

Chart Displayed by Senator Cynthia Lummis at Senate Banking Committee Hearing

By Pam Martens and Russ Martens

Senator Cynthia Lummis (R-WY)

Senator Cynthia Lummis (R-WY)

Senator Cynthia Lummis (R-WY) is the first woman from Wyoming to ever serve as a United States Senator and she has a coveted spot on the Senate Banking Committee. Lummis holds three degrees from the University of Wyoming — in Animal Science, Biology and Law. Today, during a Senate Banking Committee hearing with Fed Chair Jerome Powell, Lummis proved she knows a thing or two about economics and the money supply.

Lummis came armed with the above oversized chart for her colleagues and Powell to ponder. Lummis told Powell the following:

“M2 data shows that deposits and close substitutes held by households have generally averaged 51 percent of GDP from 1952 to 2021. But then data from the end of Quarter 1 of 2021 shows that households are sitting on deposits and close substitutes of approximately 79 percent of GDP today. So that’s roughly 28 percent [increase] or trillions of dollars above the historic average.

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