Oh I agree with all your conclusions. However, I think politicians have leveraged monetary policy to gain political points for decades. Rather than tell people we have to cut programs and we have to live within our means, we've got an endless series of wars and unsustainable social programs that don't work in a world where a large chunk of the population is old (boomers), while the young population have inherited a consumption-based economy that is currently eating itself. Other countries are failing, too. It's not a unique feature of the U.S. We're going to see a lot of nation-states struggle under the weight of their existing programs when the debt-fueled growth stops. People have lost all sense of sustainable fiscal and monetary policy.