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Markets  |  August 29, 2012 12:06:07

Where is

More and more investors are asking where is she "promised" inflation . A number of commentators have written that the Fed, the ECB, print so much money that inflation is inevitable. Where is it?

0px; "> dog is buried in the functioning of the financial system, that money is coming into the economy, respectively. Thus significantly decreased their rate of circulation. Though the Fed, ECB and Bank of Japan are doing what they can - and the monetary base of the United States, the euro area and Japan grows as the water - the amount of money measured M2 respectively. M3 but increases in all three regions much less.

If we look to the United States in more detail, we see that the amount of bank loans over the last four years virtually unchanged.Classical financial theory working with a leverage effect in the creation of money through contributions and loans in the end.

Banks use received funds that own holes patched (exactly was the objective of central banks) and surplus   deposited back with the central bankBut also to the economy these funds have already been unleashed. More specifically, left almost nothing to the economy received.

So when there is acceleration of inflation?

It will be when banks start again venturing money into the real economy, where this will accelerate their circulation, hence an increase in the volume of lending. Where does this development affect the most? To me, the most touching prices necessities - food, energy, etc.

If central banks miss this moment, they will have their hands full, to prevent the start of inflation. If they do not succeed, will turn to the people themselves to do what they can.

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