While Fisher blamed the monetization of the federal debt on fiscal policymakers, his statement was a shot across the bow of those who expect easy money to continue forever.

FORBES: Fed And Treasury Leave Devilish Prints On Bull Market

Leaving aside the monetization of debt, using taxes or savings to handle a large fiscal deficit reduces the amount of money available to private investment and therefore curtails the creation of new businesses and limits much-needed increases in productivity.

FORBES: Impossible Things And Our Economic Recovery

Although the adoption of Reaganomics and the end of the Cold War permitted huge gains in peace and prosperity in the 1980s and 1990s, the earlier abandonment of gold-based money has eroded those gains, in large part by allowing massive deficit-spending, debt monetization, and now the downgrade of U.S. debt.

FORBES: Gold, Reagan and the Reds: From Degraded Dollar to Downgraded Debt

Thus began the modern era of debt monetization.

FORBES: Quantitative Easing and the Money Printing Press

Without having the savings to bring down rates, the Fed has supplanted savings with monetization of debt.

FORBES: Magazine Article

What difference does it make if the central bank is called upon, or if monetization of its debt leads to inflation?

FORBES: Why S&P Downgrade Makes No Sense To Me

Failing to make this basic distinction helped lead to serious errors in outlook during the late 1980s, during which many observers who generally share sound presuppositions about the nature of the economy were given to histrionic predictions of national default, debt monetization, and hyperinflation.

FORBES: Don't Cave GOP, This Time Deficits DO Matter