He didn't say otherwise, in my understanding.
He tried to explain the chain of fiat money contractions and expansions - deflations and inflations - arbitrarily made by whatever the Fed policies happen to be over the years... but what stinks the most is the chart he shows at mark 4 min 5 secs - easy to find, here:
Have a close look at the strange local pattern - top- and right-most, past 2010 - we also need to keep in mind that a pixel on your screen maps to several dozen billions dollars on the vertical axis.
The smoothness of the curve was broken by the end of 2009 already - one year of Obama - and hasn't retraced back (in upward shape + direction) to the exponential parabolic-like trend it had prior to that... hence the possible "top", it is plausible that we're about to reach soon, and about which he cites others alluding to...
Then what, after such a "top"? ...
"Cyril" pronounced "see real". I code stuff.
"To study and not think is a waste. To think and not study is dangerous." -- Confucius
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