The new system started with the 2002 printing press speech by Bernanke and the ‘wealth effect’ speech in 2012.

Of course, the Fed does not understand the flaws in their new system. So they only ‘react’ to the circumstances never ‘fixing’ problems.

And the system can go on with debt / GDP ratios at 200% (currently 120%) even 300% or 400% (it’s just a number)….the system can only crack when interest payments exceed 40% of tax revenue (DSR).

BUT in a recession interest rates fall to 0% so debt service becomes very small indeed.

Rough estimate…Bernanke system will break in the year 2095….