There is a lot less, as you know, that we can do with somebody that's not tied in terms of a direct correlation between money that's given through TARP.
Though the quantity of new money created in recent years is beyond precedent, there was already a longstanding inverse correlation between the monetary base and inflation, expressed in terms of official indices as well as gold.
The toxic correlation of sovereign and bank borrowing rates implies that the rise in government financing costs will be felt in terms of higher bank lending rates.