Sure. But there is definitely a point where the amount of debt and the pace of new debt accumulation starts to weigh on the real economy Absent a very activist monetary policy, we would be deep in that moment right now. That ought to at least make us concerned about the future
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“Monetary policy isn't a get-out-of-jail-free card for countries being too fiscally irresponsible.” Then how to explain the current yields on Greek debt?
But really, I’m not disagreeing with anything. The current framework works about as well as could be expected. But if we think that the appetite for US debt is some constant that’s impervious to debt and deficit concerns, then we’re in for a rude awakening at some future point