Lyn’s work is so grounded in fact and crystal clear that it achieves effortless engagement. Required and almost recreational reading.This particular piece encompasses the sweep of history which is appropriate for debt instruments with decades of duration. “In essence, monetary policy is effective at putting the brakes on an economy, but bad at stimulating an economy, whereas fiscal spending has the opposite tilt.”

This article focuses on a set of 100-year charts that have put together to show some historical context for how long-term debt cycles have been worked through in the past, as well as showing the shifting periods of monetary and fiscal policy dominance.