Part 10/14:
This phenomenon echoes the lessons from the Great Depression, where a monetary crisis led to a banking collapse and widespread deflation. In the contemporary context, the entire banking sector became intertwined with the monetary system, such that a monetary failure also appears as a banking crisis.
The persistent low interest rates and repeated rounds of quantitative easing are not signs of a healthy economy but are indicators that the system is still grappling with the aftermath of 2008—a crisis rooted in the collapse of the monetary system.