Almost everyone has seen the graphical picture of the borrowing from the Fed by the monetary institutions of the country from 1900 until now that looks like a hockey stick.

There are little bumps (perhaps a 1/16 of an inch high) on the graph line representative of the 30's & 70's monetary injections into the money supply and system. Whereas the current injections go 3 inches high on the chart. It is an arithmetic rather than a log chart so the info is somewhat distorted but the point is obvious. As GWTW stated there has never in history been anything like what has recently taken place.

Unfortunately we can't post pictures directly into our commentaries anymore.

Somebody must have abused that privilege or it clashed with copyright law so I cannot post the picture of the chart that I have. Now that I mention it you will probably remember it though.

P.