"The FED will try to play the boom/bust game one more time. This has worked for 60 years. But the annual deficit was not $1.2 trillion. Social Security was not in deficit mode. The Baby Boomers were not retiring. Foreign central banks were not holding 40% of the public debt. [...]
Over the next decade, central banks will have their respective moments of truth. They will be called upon to bail out the West's economies, from Eastern Europe to China. The deeply confessional religion of fiat money as the creator of wealth and the guarantor of stability will suffer from events that do not conform to the confession."