Here is a picture of the US credit bubble, with the deleveraging which has just begun.
It is/was a Ponzi scheme, enabled by the advantages of controlling the reserve currency of the world, pure and simple.
It was the US dollar that was monetized, or more specifically US debt obligations, which are now substantially worthless and will have to take a significant haircut in real terms. This is similar to the Japanese experience in which they monetized their real estate."
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