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
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
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.