Although there have been some reluctant murmurings acknowledging past ineffectuality, paradoxically, the belief persists that more debt, monetization, and suppression will stop the “healthy correction” from becoming a rout. These whistlers past the graveyard, shielded from reality and consequences for so long, have—to borrow from Darth Vader—no idea of the power of the Dark Side of Debt. All the governments and central banks of the world, with all their “macroeconomic tools,” will be as effective as a Boy Scout troop with shovels and superglue would be trying to repair a gaping fissure in Hoover Dam.

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