As the market panic demonstrates, central banks are stuck on a treadmill of money printing

``What the subsequent violent gyrations in markets indicate is that any hint of applying the brakes risks generating a fresh financial crisis, which in turn would render the economic recovery still born. Both financial markets and the real economy have become addicted to "quantitative easing", such that they can't do without it. The upshot is that we are going to see financial repression of the type being practiced in virtually all the major advanced economies -- including, if only to a more limited extent, the eurozone -- continue out into the indefinite future.''