Patience is the virtue that you are missing.  So far these swaps have not led to much money printing; but any significant stall in the economy will bring on helicopter Ben's helicopter and you should see an aceleration in the growth of the M3.  Even now without that higher M3 we are getting less for our dollar in purchasing power and I refuse to call that deflation   Could we agree on the term stagflation?

Regards,

B.F..