Commercial & industrial loans/M2 (Money Supply)

The law of diminishing returns is very clear in this chart. The more private money created the more money that needs
to be created to have the same impact on the economy. Diminishing marginal returns of economic stimulus from
monetary policy and ZIRP. The real federal funds rate at zero or negative appears to be effective at stimulating
financial markets but has a decreasing impact on the fundamental economy resulting in a Savings bubble (as I
like to call it.)