The current system is not a monetary system per se but a kind of looting

The system we have currently is not a monetary system per se but a kind of looting. It is based on the dollar reserve system itself that instructs the Saud family to trade oil for dollars and nothing else.
That is, the system is built on force, especially since the early 1970s when President Richard Nixon abrogated the last of the gold standard, though this is not widely acknowledged. "Market forces" are said to be in play. They are not, or at least not as advertised.
Merk's big point, from our perspective, is one we agree with. The system IS flooded with money and eventually that money will circulate.
It is the CIRCULATION that begins the process of price inflation. And then, gradually, monetary velocity makes things worse.
But of course people have to be in the mood to borrow. Bernanke has effectively slowed if not halted the re-leveraging process by propping up a financial system that should have crashed long ago.
Bernanke's humbleness is nothing of the sort. It is the arrogance of an elite representative who believes he can lie about money markets and everybody will believe him.
He has propped up a shattered system, turned what would have been a minor crisis in 2008 into a spiraling world depression and then has not been truthful with people about the way money really works.
The problems will really begin when people feel like using more money. But by the time they get around to doing that a worldwide depression may have set in.
Alternatively, price inflation will finally spike and Bernanke will raise rates hard, though Merk thinks the top of the rate raise cycle is only 6 percent today, versus over 20 percent in the 1970s, the last time we went through such a bear-market monopoly-fiat money cycle.
There is nothing humble about what Bernanke is doing or has done. He's playing around with the lives and savings of billions. It's impossible for a handful of good, gray men to manage a global economy of tens of trillions. It cannot be done.
Conclusion: It is arrogant to try, and it seems to us even more arrogant to speak of humbleness while doing so.