Is the Quantity Theory of Money a Problem?

I think we're got another rate round of, of double digit inflation. Powell has a bigger problem than just the size of the amount of money that he sequester or effectively what they call sterilized. The original rent trench of QE from Bernanke, he sterilized with interest on excess reserves and everybody was doing the exact same thing that you're doing today. And he didn't get all this inflation. Look, because he was paying 25 basis points over the Fed funds rate and the banks knew they couldn't go and get 50 basis points in the market. So now we're in the same situation except he's using the reverse repo facility.