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Yes, you need the ratio (graph #2) because the first graph uses two Y axes. The paths are similar (graph 1) but there has been for more than half a century a trend of increase in real estate debt as a share of Non-Federal debt.First reaction: it looks like a big increase.Second: If I read the vertical scale right, the increase (over 50 years) is from about 5% to about 8% of total nonFederal. Three percentage points over 50 years seems not so much.But the trend is definitely, distinctively up.
It's a 60% increase (in terms of non-federal debt) from 1960 to the present. I am trying to figure out what it means with regards to interest rates and the money supply, but no such luck as of yet.
:) Wow, I was WAY off.
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