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Some very smart people have said that the money printing has already occurred when the financial sector engaged in massive amounts of fraud to create phantom assets prior to the 2008 crisis. The central banks around the world that have been printing money in the past few years are merely filling the hole that this fraud created in the world's balance sheet. The key point is that the printed money was already received by these fraudsters prior to the 2008 financial crisis and is what ALREADY inflated the commodity bubble. The money printing going on now will not have an effect on commodity prices as there are no NEW beneficiaries.