Agreed, and from what I have garnered, since QE2 ended there has been more float added to the USD money supply than was done by EQ1 + QE2, it has just been done through little known, little followed, little disclosed discount windows and other facilities of the Fed. There is no political environment for the numbers to be known and will not be unless/until the man-in-the-street is once more feeling financial pain, doom, and gloom as late 2008 early 2009. Is the depressed gold price the cost to the west for China not letting the sovereign bond markets (both sides of pond) collapse? One possibility I have been considering.