rising the ninth time in the past 10 sessions up more than 11% so far this year joining me now, patrick armstrong. patrick, the market moves we've seen as of late have been stunning for some. how is it we can see so much positivity and bullishness in markets given everything we've seen corona wise and everything else the real driver of the markets to the measure of money supply wh which is coins and bills growing at 27% the past year that is a huge number. before covid, the biggest ever got to was 14% money is being pumped into the system it has to find a home. things are going higher whether safe haven, gold, equities the market is unprecedented. that's the real driver of markets right now. >> patrick, we are showing viewers and listeners we are showing a chart of the m2 money supply in the united states. i'm curious that you see this spike higher it has not led to inflation on certain fronts oil and fuel prices certainly no maybe food prices but that is because of some covid-19 supply chain issues are we on the verge of inflation, it doesn't seem like it now >> we are not. money supply historic

still with us, patrick armstrong from plurimi wealth.n you look at the things we are looking for in europe. we had some pretty discouraging figures out of germany. how does the european economy stack up with the u.s.? patrick: the european economy is struggling more than the u.s. industries with comedic asian sectors that the u.s. has in the , the banking sector and industrials in europe are hard because they are more at risk, even the policies on social distancing. we have not seen the bottoming of these germany economy -- of the germany economy. stimulus being approved right now across the euro zone. and are in place now probably seeing the bottoming happening. don't expect remarkably sharp recovery. happens if the ecb -- at ecb level? a lot of this recovery is dependent on the central bank. what happens if there is a legal challenge? patrick: as lagarde mentioned, they are undeterred by the german constitutional court ruling. it doesn't seem to be stopping the ecb. the guard has learned, she said she didn't target spreads early -- lag