Inflation or deflation? It's the defining question in macro right now. If you can get this right, your core portfolio will do well. In the medium-long term there are lots of differing views (super short term = deflationary / deflation), i.e. what will happen in 2021/22 and beyond. This is what matters for bonds, commodities, gold, equities - everything will be affected. In this episode we dive into the core equations of monetary policy; velocity of money, money multiplier etc - and talk about where to find the data so you can track the data yourself. We do talk about equations - but they are simple, and you can understand them if you put some time into it. And we talk about why QE does not cause inflation (other factors do). Massive thanks to Dr Lacy Hunt who answered many questions I had after I had watched his various recent interviews (he is the legend in the title!), and also thanks to Steve Van Metre who regularly puts up with my theories and thoughts!