I haven&#x27;t said anything about the Federal Reserve. Nor have I laid blame to any particular institution.<p>I&#x27;m saying that when you look at how the dominant monetary systems work, the inevitable outcome is increasing amounts of debt as that is the only way to expand the supply of money. In fact, in current systems, money and debt share an almost 1:1 relationship. Any given dollar represents some one else&#x27;s debt.<p>&gt;and not the relative scarcity of global investment opportunities compared to the cumulative stock of global savings<p>There may be trivial relationships that affect local environments to some extent, but I think almost all effects are probably overshadowed by the more fundamental reality: debt as money.<p>Savings don&#x27;t really exist. Savings is isolated money that debtors can&#x27;t access (making it more likely that they default [as there is simply no more physical cash to meet the next payment obligation]).