The question us, how do you know when the money printer is on when most of the money is generated in the private banking markets, and is affected by a lot more than just US central bank policy?

Is there a reason to think the carry trade is unwound? And if it isn't, is there a reason to think it unwinding rapidly wouldn't result in deleveraging as people rush for dollars to pay off their Yen liabilities?

To say nothing of China.