We just cannot have debt deflation.
I guess it is a ponzi scheme in a way.
https://www.ft.com/content/f09cda30-...d-7c18c0ea0201
he writes an article about how the long debt cycle might end but includes this line.
"Meanwhile, if governments acted too slowly (or not at all) a depression might ensue, as in the 1930s, via mass bankruptcy and debt deflation. Many fools recommended that in 2008."
How else do you end a debt cycle except by reducing debt. The difference between mass bankruptcy and debt deflation and reducing debt by inflating it away just means different people get hurt. The first way is quick and painful for borrowers. The second way is slow and painful for savers.
Either way reading between the lines it seems to be if they can't inflate the debt away they will blow up the system with too much debt. Now more than ever I can't wait for my deposits to mature, I think I will buy residential property as these policies are forcing me to do. Sadly I will need some debt as everything is so expensive. It is overpriced but looking better than money in the bank long term. I just wish we could have had a correction before I do this but I guess that is not possible.