“We have gone through the looking glass when interest rates went negative,” Stacy explains. “When Alice went through the looking glass, the Red Queen explained to Alice that now here, on the other side of the looking glass, it takes all the running you can do to stay in the same place.”
The analogy is similar to what is now happening in the US, according to Max. There’s an ever increasing quantity of debt required to keep GDP in the same place. So the Fed must print, print, print to keep the economy from collapsing.