that with QE1, QE2, QE3, trillions of dollars of money printing. We talked about all that. And a lot of people, particularly the Austrian economists and a lot of observers, we're going to get the inflation. Here comes the inflation. They're printing all this money. Money printing equals inflation. And the answer is no, it doesn't. You need two things to get inflation. To me, it's like a ham and cheese sandwich. You can't make it with the ham. You need the ham and the cheese. Money printing is part of it. Yes, the money printing does have inflationary potential. But the other part is velocity. That's the turnover of money. It's like, you can print all the money in the world, but it's just sitting there in the banks, which it is, and not being loaned, not being borrowed, not being spent, not turning over. You don't have the velocity of money you need to actually cause the inflation. So you need the ham and the cheese. You need the money printing and the velocity. We have the money (90/98)
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