“The financial and economic outlook for the next few years hangs on this question. For the better part of this millennium, and for the whole of the past decade, central banks around the world bought assets in colossal amounts, printing more fiat money than the cumulative amounts printed since the Great War — and since central banks were invented. And contrary to the generalized expectation, they did so without affecting price levels. In effect, they printed money with total impunity.”

“For central banks around the world, the end of their acting with impunity is coming. Accelerating inflation, when (and if) it comes, will have a cataclysmic effect on financial markets.”

LINK HERE to the Quarterly Report

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