very dangerous thing to economies and societies, and always climaxes with more centralized control in its wake.
The problem for the 21
st century, however, is that almost no global policymaker (left, right or center, European, Asian or American) wanted to touch this $280T debt elephant in the room.
Instead, they buried their heads for years in the sand and sought re-election with promises paid for with, alas, more debt.
In this openly embarrassing backdrop (long
before COVID), economic orthodoxy had been tossed into a corner as governments around the world took on fatal debt levels like this:
…paid for (i.e., “monetized”) with mouse-click fiat money like this…