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Exhibit 1. Ｍassive Quantitative Easing and Record Low Interest Rates Failed to Increase Credit to the Private Sector

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Exhibit 2. The Non-German West (and Japan 16 years earlier) Experienced Massive Bubble

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Exhibit 3. Western Economies in Balance Sheet Recessions: Private Sectors Saving massively despite record-low Interest Rates

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Balance Sheets of All Member Banks

Exhibit 4. Post-1933 US Money Supply Growth Made Possible by NEW DEAL Borrowings

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Exhibit 5. German Private Sector Refused to Borrow Money after the Dotcom Bubble

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Exhibit 6. German-Eurozone ex. Germany Competitiveness Gap Has Macro (50.2%) and Micro (49.8%) Factors