Inflation Adjusted Margin Debt

Update 1/2/2014: This is a much better analysis and is my current concern for the US market.

http://www.advisorperspectives.com/dshort/updates/NYSE-Margin-Debt-and-the-SPX.php

I took the margin debt, divided by the CPI, then calculated the year of year increase. This is what I ended up with, doesn’t seem that out of hand. Maybe CPI is not the right measure to normalize with?

Sources:
Margin Debt Data
CPI Data