Good question. Regarding commods, you’d have to distinguish between them. Finite ones like gold and maybe even to some extent crude (though not really- and wouldn’t WTI pricing from -$37 → $70 in a year be perhaps not “exponential“ but certainly non linear? I know thats a stupid one off example). For scarce/fixed supply commods with demand like gold should increase in price more or less mirroring the rate in which balance sheet expands. But for commods that you can literally plant and replicate, much less so, no fixed supply. Equities and crypto have fixed supply technically- in fact equities supply was shrinking due to buybacks, m&a, lack of IPOs until recently and that was certainly helping equities ↑. And for other commods, the US wouldn’t necessarily see commod prices ↑ in USD terms because much of it is domestic (energy, agriculture etc) so commods priced in USD wouldn’t see a material (or exponential scale) of change in value. Neither would the rest of the developed world as long as their respective central banks also continue to generally devalue (or appreciate) their respective currencies - not talking about a percent or 2 rate diff or like ECB is doing x-amount of QE and US is doing 1.2x-amount of QE if they’re all just doing trillions upon trillions- one might pull ahead of the other then drop back then ahead again, but they’re all speeding 300mph in the same direction. If you’re importing from the US and you have a horrendously... (More)