What's Driving Inflation?

The central banks around the world have bought more gold than treasurie. The american retirement system is what is the primary source of financing the treasuries, along with the federal reserve. When i was on the board of sally may, and that's what they used to do, they had a big swap book to hedge the whole thing. And a third of their balance sheet was literally a federal credit arbitrage. That was like a printing press that made money an day. But if you look at all the banks around the table, they were doing the same thing.