A long time ago, in a galaxy far, far away, I came up with a tag line for my comments at ZeroHedge. It stated "the end of the great Keynesian experiment is upon us, prepare accordingly". Well, it has taken longer than I expected but, finally, here we are.
Let's start with John Maynard Keynes. Who was he and what is this "great experiment"? In short, it was Keynes who popularized the idea of a debt-based monetary system where governments allow for unchecked growth of debt and the monetary base needed to support it.