I guess Joseph Tainter’s historical work is also somewhat relevant – on past developing societies like ancient Rome becoming increasingly spread out, specialised and organisationally complex to the point where political leaders couldn’t centrally fund regulatory governance and maintenance of their society except by debasing the common currency of trade (noting that an analogy to the current US situation I think only holds if the Fed ‘printing money’ induces inflation of the US currency down the line). From this perspective, monetary stimulus could correspond with an implicit attempt at maintaining US organisational complexity at a level that is no longer tenable.
I guess Joseph Tainter’s historical work is also somewhat relevant – on past developing societies like ancient Rome becoming increasingly spread out, specialised and organisationally complex to the point where political leaders couldn’t centrally fund regulatory governance and maintenance of their society except by debasing the common currency of trade (noting that an analogy to the current US situation I think only holds if the Fed ‘printing money’ induces inflation of the US currency down the line). From this perspective, monetary stimulus could correspond with an implicit attempt at maintaining US organisational complexity at a level that is no longer tenable.