“When credit cycles reach their limit, it is the logical and classic response for central governments and their central banks to create a lot of debt and print money that will be spent on goods, services, and investment assets in order to keep the economy moving. That was done during the 2008 debt crisis, when interest rates could no longer be lowered because they had already hit 0 percent. It also happened in a big way in 2020 in response to the plunge triggered by the COVID pandemic. That was also done in response to the 1929–32 debt crisis, when interest rates had similarly been driven to 0 percent. At the time I am writing this, the creation of debt and money has been happening in amounts greater than at any time since World War II.”