The Fed Can't Increase the Value of Assets in Foreign Currency

The Fed is a sole determiner of the amount of reserves in our system. There's no, there's no Singapore bank in that mix. The Fed can't issue ding-gots or whatever their currency is. Can't do it. Right. Well, one unanswered question is how much of that spillover is coming from the Singapore central bank as opposed to the Fed? Because the Fed money can spill over all around the world. It doesn't change. You and I have to disagree on this, but go ahead.