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The financial system limit brings with it a political system limit. Politicians need to understand that there are no magic answers, no policy levers that can solve the dilemma of �?stimulate and add to stagnation in a decade, versus do not stimulate and risk immediate stagnation,’ which is explained in the book. What led politicians to make our debt problems worse? Economics originated as a political and social discipline but has somehow lost its way buried in the detail of microeconomics. The old rule of �?stimulate your way out of recession’ worked when debt levels were much lower, nowhere near the feasible limits, and therefore money could expand without anyone considering the consequences. As noted, for a period that ended nearly forty years ago, that expansion caused negative real interest rates. Now, after seventy-five years of the post-war consensus, in which every recession has been neutered by economic stimulus, the economic cycle driven by central banks keeps bumping up against the financial system limit. Central banks are now cornered by their past policies. The Fed, and other central banks, need to keep on stimulating so that more credit can pay for the cost of borrowing resulting from previous debt creation. The alternative is to crash the economy, which nobody wants. The financial system limit and political system limit are intertwined.

The financial system limit causes a political system limit. Politicians need to understand that there are no easy answers, no policy levers that can solve the dilemma of �?expand now and add to stagnation in a decade, versus do not stimulate and risk immediate stagnation,’ which is explained in the book. What led politicians to make our financial worse? Economics originated as a political and social discipline but has somehow lost its way lost in the detail of microeconomics. The old formula of �?stimulate your way out of recession’ worked when debt levels were much lower, nowhere near the feasible limits, and therefore money could expand without anyone worrying about the consequences. As noted, for a period that ended nearly forty years ago, that expansion caused negative real interest rates. Now, after seventy-five years of the post-war consensus, in which every recession has been resolved by economic stimulus, the economic cycle driven by central banks keeps bumping up against the financial system limit. Central banks are now cornered by their past policies. The Fed, and other central banks, need to keep on stimulating so that more credit can pay for the cost of borrowing resulting from previous debt creation. The alternative is to crash the economy, which nobody wants. The financial system limit and political system limit are interlinked.

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