A few rough thoughts on the current supply of liquidity: the Chinese central bank in particular has been providing a massive influx of liquidity for several months. What is happening in America now? The credit market is showing stable growth, base money is growing again after a sharp dip last year. What happens now? Refinancing the exploding mountain of debt in the United States and other regions such as the eurozone will be the task of the next few years. The question is what will happen after the reverse repo facility dries up? But the Fed will have a solution ready. Basically, it should be said once again: if you are looking for liquidity, you will find it in the money markets.