We have been here before – the Fed monetizing a productivity surge. There are two important differences this time, though, full of danger. No wonder the dollar and gold are emitting stark red warning signals. First, the monetization has started well ahead of any convincing evidence that a sustained productivity surge is in fact under way. Second, tinder-box conditions now exist in the financial marketplace where a further inflammation of asset inflation could be economically deadly. Widespread revulsion against the Fed-suppressed rates of return across a wide range of near-money assets is a