Total US debt relative to base dollars was around 50-to-1 or 60-to-1 going into the Global Financial Crisis, but because the Fed expanded the monetary base so much afterward, that leverage has shrunk to roughly 20-to-1 today, counting any contractual IOU for a dollar (bank deposits, bonds) against direct central bank liabilities (physical currency and bank reserves).

factualpending

Speaker

Lynn Alden

Evidence Quote

it was around 50 to one or 60 to one... now it's something closer to 20 to one, which is still significant

Source

Our Financial Predicament From a Systems Perspective with Lyn Alden | TGS 188Nate Hagens
Created: 6/18/2026, 1:58:51 PM

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