Debt, in a variety of forms, has been used as money (or, more accurately, as a money substitute) since 1913. There has been no real money in the world for 40 years. The "bubble" merely defines the expansile nature of debt without repayment.
Fiscal policy and monetary policy are merely tools, like a hammer.
If I give you rubber nails and tell you to build a house, how heavy your hammer is, what shape it is, how long the handle is, will be of no consequence.
That's the situation we are in. All the policymakers have to work with are rubber nails.
It's amazing that this "system" has lasted as long as it has, but there was a lot of power and wealth in the West to be consumed.
The jig is up.
From an old book that explains old sayings called "Loose Cannons and Red Herrings:
The Jig is up: The jig was originally a lively dance then a satirical, even scurrilous ballad, and eventually a practical joke or swindle. If the joker or swindler was exposed, the jig was up for them.