This Is the First Time In History that All Central Banks Have Printed Money at the Same Time … And They’re Failing Miserably

Mainstream Keynesian economists argue that the failure of the European austerity measures to pull Europe out of the doldrums proves that more stimulus is needed, and that austerity is poison at this stage.
Indeed, most mainstream economists pretend that debt doesn’t exist … or believe that debt for its own sake is good and necessary.
But Martin Weiss noted last month:
Four of the world’s largest central banks have gone absolutely berserk, running the money printing presses like never before in history:

Source: Chart lines — Pimco

The Bank of Japan (BOJ) had already been printing money like crazy ever since their bubble economy burst in the early 1990s.
So when the debt crisis struck in 2008, the size of their balance sheet assets, which measure the cumulative total of a central bank’s money printing operations, was already the biggest in the world: About 20% of their economy.  (more)