I disagree.
Money used to fill a black hole no longer exists. Some of it, to be sure, DOES still exist. And it can and probably will eventually find its way into the useful money pool and will cause inflation. But a lot of it won't.
It is very similar to the hyooge foreign currency reserves that people are now starting to talk about. It has tremendous inflation potential but as it is tucked away (after its use to devalue foreign currencies) the jolt has yet to occur.
This is where the dam is vulnerable. When other countries decide that devaluing to run a trade surplus is no longer the goal they start to exit. This has started but may take decades to come to fruition... or it may take a year.
Almost impossible to predict. At least I think it is but I ain't the last word or even close to it on this issue.
Will
