Is the Financial Repression a Threat to Inflation?

The willingness of the fiscal authorities to put their balance sheet on the line is unparalleled. We don't really even get that in economic expansions, never mind in economic recessions. There's just been nothing like it. In terms of the actual inflation, yes, it will begin with commodities and it has already begun in the commodities sphere. But it spreads rapidly into the economy as that massive liquidity creation begins to get used.