Professor Lucas Engelhardt, a popular lecturer at Mises University (Mises.org/MU18), joins Jeff Deist to discuss the monetary policy landscape. Janet Yellen makes jokes about $20 trillion in federal debt, but what about the trillions the Fed added to its own balance sheet since the Crash of '08? What will happen to the extraordinary amount of bank reserves parked in no-man's land, not being lent by banks? Can Mises's work help us understand what happens when the supply of money increases much faster than demand for it? How does new money and credit flow into the economy unevenly, benefiting those closest to the government and central bank troughs? And is there an ugly endgame scenario, where rapid asset price inflation (i.e. equity and real estate markets) devolves into rapid consumer price inflation?