[Travis McGee]

J.M. Keynes's “long run” is finally here.

That childless old queen is dead, but we are not, and we are now trapped in his inevitable end game.

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

~~Ludwig Von Mises

[dennisw]

Lost and long as in “Kondratieff”. Not necessarily that Kondratieff is 100% correct. Just that we due for austerity after decades of expansion via credit beyond all rationality

[Lancey Howard]

Over the past 30 years or so, at an ever-doubling pace, Americans have run up credit cards, high LTV mortgages, new car loans, and personal loans (for big-screen TVs and a zillion other toys) all for the purpose of living high on the hog today with the idea that it will be paid for sometime in the distant future.

Government has operated in the same way.

How could anybody have thought this scheme could be sustainable forever?
And Krugman thinks the answer is to double down on the same scheme??

It is my opinion that the time to pay the piper is closer than most people are willing to believe.