The Importance of Liquidity

In the next few years I think we'll see productivity start to rise, particularly as some of the baby boomers leave the demographics. But they're going to have to tax the robots or they have to figure a new way of taxation. And so it means you've got to do QE, which basically means that reserve currency status in the world is going to be of paramount importance. So this is why liquidity is so important because the system does not function without it anymore.