'In 1971, Nixon removed closed the gold window ending all deficit spending controls. This enabled Congress to spend at will, and nations in general to abandon all fiscal responsibility.
The result was a whopping $250 trillion in global debt.
I asked,
$250 Trillion in Global Debt: How Can That Be Paid back?The short answer is that it "won't". A currency crisis awaits, as noted in the above link.
Meanwhile, spending is more than a bit out of control, and will remain out of control until some sort of currency crisis settles the hash.'
- Mike "Mish" Shedlock,
Forever War in the Last 20 Years Cost $6.4 Trillion, November 21, 2019
Context'..BIS chastises central banks .. More fundamentally, monetary policy cannot be the engine of growth.''..a world of debt, a historic global securities Bubble..''..The crazier things get the more unsustainable Bubble prices become.'