Just over a year ago, America's monetary base was equal to 6pc of national income. Now, after a year of money printing, it's 12pc. The US has expanded its basic money supply by a staggering 108pc in 12 months. No wonder the currency markets are alarmed about future US inflation. No wonder there is a widespread assumption so-called "quantitative easing" – or QE – will continue, funding yet more bank bailouts and other forms of wasteful government spending.