Make your own conclusions At the end of 2008, the US debt held by the Federal Reserve reached record low (3.4% of GDP) since 1942 (1.8% of GDP). This was the highest drop relative to the previous year (2007, 5.6% of GDP) since the recorded data from 1940. This equals to a -39.3% drop for the period 2007-2008, (the second highest drop was for 1940-1941, -24%). Three years later, at the end of 2011, the US debt held by the Federal Reserve reached record high (11,2% of GDP) since the recorded data from 1940, (the second highest was in 1946, 10.7% of GDP and the third was in 2012, 10.6% of GDP). This was the second higher increase relative to the previous year which means a 96,5% increase for the period 2010-2011, (the highest increase was for 1942-1943, 122.2%). Note also that the third highest increase was for 1943-1944 (77.5%), while the fourth highest for 2008-2009 (61.8%). All calculations based on numbers as percentage of GDP. Primary data source: http://