Doug Noland: EM Contagion & A New Z.1

``"Total Securities" as a percentage of GDP is helpful Bubble Analysis. After beginning the nineties at 173% of GDP, "Total Securities" ended the Bubble year 1999 at an unprecedented 341%. The bursting "tech" Bubble saw this ratio decline to 267% to end 2002. Mortgage finance Bubble reflation then pumped this ratio to a record 360% by the end of 2007. This Bubble burst, and "Total Securities" ended 2008 at 297% of GDP. Six years of incredible monetary inflation had Total Securities ending 2014 at a record 417% of GDP.''