when i issue record amounts of debt and your central bank has the monetary policy levers at full throttle red flags begin to get raised and our borrowing costs go up. there are some faint warning bells going off. the value of the dollar has slipped recently. the price of gold is up, and inflation compensation spreads and the treasury bond market have risen to a nine-month high. i realize some of the signs are likely reassuring since the predominant risk over the short term has been deflation and this could be signs of a recovery. but i'm genuinely concerned that the fed will be unable to unwind its considerable monetary policy stimulus in a timely manner to prevent sharp rise in inflation over the medium term. there are a number of technical problems associated with shrinking your balance sheet and returning to a more normal monetary stance. but i'm more concerned about the political chal lenges the fed will face when you finally have will face when you finally have to make thik@@ try to right the ship and get back on the path to sustainable growth and job creation. that will clearly take