The US Economy Is "Off The Lows"

In the case of the five year simple moving average of US real GDP growth, or said otherwise - true economic growth (or technically credit expansion) - all one can say is "off the lows."

A quick point: since GDP is really consolidated financial liabilities, which includes the deposit-to-reserve liability match courtesy of the Fed ...

... do not, repeat DO NOT, exclude the $2.5 trillion in credit injected into the $16 trillion US economy by Ben Bernanke, or suddenly one may grasp just how 15% of US GDP is entirely thanks to the Fed.

Zero Hedge