On this week’s “Long Reads Sunday,” NLW reads macro analyst Lyn Alden’s latest: “A Century of Fiscal and Monetary Policy: Inflation vs Deflation”

The article looks at:

• When monetary policy is effective versus when fiscal policy needs to take over 
• How short-term debt cycles add up to long-term debt cycles that have very different remedies
• Why long-term debt cycles inevitably end in default or devaluation 
• Why the conclusion of the last long-term debt cycle in the U.S. – the 1930s and 1940s – suggests that devaluation is the most likely outcome