"If at the start this cancerous growth in the nation was not particularly noticeable, it was only because there were still enough forces at work that operated for the good, so that it was kept under control. As it grew larger, however, and finally in an ultimate spurt of growth attained ruling power, the tumor broke open, as it were, and infected the whole body." The White Rose, Munich 1942
It will be interesting to see how the lagged effects of this begin to exhibit in the broader monetary supply measures over time.
Recall that after each of these spikes in the adjusted monetary base there was a resultant bubble in techs and then in housing. Will there be another bubble? Where will it be?
And the presses go rolling along....
