The crux of his argument is that the Federal Reserve takes cash out of circulation all the while it has been releasing liquidity to the market, so much of the total magnitude of what they’ve done is being counteracted.
Unfortunately, he attempts to downplay the amount of money that has been made by comparing the number of notes in circulation today to the number in circulation in 2009.
A better reflection would be to compare the number of notes in circulation before the crisis started to today, but then that would absolutely destroy his argument. Needless to say, the commodity markets haven’t been interested in hearing his remarks.
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