A long time ago, in a galaxy far, far away, I came up with a tagline 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. This was all well and good, and it worked for a while. However, the end of the experiment was always ... (full story)