Keeping Our Eyes Peeled for the Silver and Gold Basis - Antal Fekete

Key quote:

"How could central banks work the miracle of making interest rates fall in the face of running the printing presses overtime, and keep them from rising again? That’s just the best part of it. They have let the genie of the derivatives monster out of the bottle. The genie is mushrooming over the world economy, growing at a clip of 40 percent per annum. Right now it is half-a-quadrillion dollar strong, doubling in about every second year. It is the derivative monster that keeps interest rates low, and makes them fall further. Remember, derivatives are just tickets to riskless profits in bond speculation on the long side. It is as simple as that."