Monetary Base and $PoG

^{(Click for a larger image)}
Operation Twist didn't expand the monetary base — unlike TARP, QE1, QE2, QE3 and QE4. Without base expansion, we see deflation.

• ^{http://www.bullionvault.com/gold-price-chart.do}
• ^{http://research.stlouisfed.org/fred2/graph/?id=AMBNS}
• ^{http://en.wikipedia.org/wiki/History_of_Federal_Open_Market_Committee_actions}