In 1918 the UK was the richest most powerful nation on earth. Within a generation it was in economic chaos, and within 3 generations it was bankrupt and the IMF had to bail them out. They couldn't sell government bonds things got so bad.
Today the United States looks a lot like it could suffer the same loss of wealth and power as the UK began 100 years ago.
I'm afraid that...right now there's no restriction on the Federal Reserve at all, and at the same time there's no restriction on Congress anymore. They keep making these deals to put off any kind of serious cutbacks.
[Policymakers] everywhere are under no constraint. Central banks can print as much as they want, the governments spend as much as they want. So there's no reason this can't go on for a while, because any corrections due to tapering will probably be temporary.
