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Give me my fix, Doc

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"One more round of QE  please. The world economy needs it. I am feeling the withdrawal." That is the market's plea to our MIT-trained monetary Dictator . The market's starvation for the much-needed next QE fix seems to be creating a never-ending game. "The market needs more accommodating monetary policy. We can't allow deflation to set in", the rational goes. The terror of deflation drives Central Bankers around the world into competitive devaluations, pushing everybody else into a self-accelerating monetary easing race that precipitates a monetary flood of epic proportions. USD $2.3 trillion in the United States. GBP £375 billion  in Great Britain. EUR €1.0 trillion in Europe via the ECB's LTRO , just to name a few significant examples. Central Banks around the world are forcibly participating in a game of one-upmanship , the likes of which we have never seen . Central Banks Balance Sheet size has almost tripled in 6 years. Graph by James Bi