Gary North's latest ...
Kicking the Can While Riding a Tiger

It has become clear to millions of voters around the world that their national governments have not offered statistically viable solutions to the looming budget deficits. These deficits threaten to consume more than the future revenues available to the various national governments to fulfill their long-term promises and welfare programs for oldsters.

Central bankers can call this to a halt at any time by ceasing to purchase assets. This would stabilize the monetary base, at least until banks started failing, thereby contracting M1. This would produce a depression. Politicians say they want solutions to the budget deficit problem, but the political price is the replacement of incumbents by newly elected politicians who campaigned on a call for an end to the depression.
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