First of all, a great article, and thank you for sharing a diferent perspective on "enough" discussed issue of Fiscal cliff.

There is one small detail, I would like to get clarification on (I apologize if it is my ignorance). On the growth rate of credit and GDP, respectively, being 5% and 2%. Is the former number, in real terms ? If it is nominal, 2% or so inflation could explain some discrepancy here.

Thank you once again.