Sometime around the 19th of next month, the Fed’s balance sheet will reach $8.04 trillion (as another $120 billion is added).

By then, the balance sheet will have grown at a compound annual growth rate of ~19% since the Bernanke Bazooka at the time of the GFC.

That means the US dollar has been debased by 19% per annum.

Any business that has not generated a return on capital employed of at least 19% per annum has gone backwards.

Any investment portfolio that has not generated at least 19% per annum has gone backwards.

Looked at another way, interest rates are -19%.

Do zero yielding gold, diamonds, crypto assets, collectibles and commodities look better now?

Mike.