2  For a further discussion of this distinction, see Edwin M. Truman (2010), “The International Monetary System and Global Imbalances” (Washington: Peterson Institute for International Economics, January). BIS central bankers’ speeches  1  regulators, both in the United States and in many other countries, failed to recognize and address the mounting vulnerabilities.
As for how long it will last, it doesn’t seem that short as many experts predicted. Third, when fiscal spending has been largely supported by money printing, it is like an airplane getting stuck in a spinning vortex: it would be very hard for the airplane to get out easily on its own.