steps along the way
Oct 30, 2022
Great Depression: acceptance of government deficit spending to create jobs
post-WW-II: embrace of Keynesian theory re: justification for government deficit spending
1971: the deficit spending started to lead to currency debasement, so they nullified gold backing of the dollar
1987: stock market crash motivated active stimulative monetary policies
2001: bursting of the tech bubble motivated more active stimulative monetary policies
2008: bursting of the real estate bubble motivated extremely stimulative monetary policies
2020: the COVID freeze-up motivated extremely stimulative monetary and fiscal policies
the insane policies will lead to an era of stagflation
