Make no mistake, avoiding a depression has been exactly what the money printing has been all about. The chart below shows however, the monetary transmission mechanism is broke, worse the depths of the Great Depression, and thus inflation cannot be transmitted. The debt continues to build, and it will collapse.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
- Ludwig von Mises
6/1/13