"The process has been ongoing for twenty years," he continued. "The inflation-focused policy framework is based on the fallacy that you can model an economy using an equilibrium framework," he said. "Wicksell was the father of classical equilibrium in economics. He observed that for a pure credit economy - with no external gold backing for money, just credit-backed deposits – there were no clear forces that would drive the system toward equilibrium. To the 19th century Wicksell, a pure credit economy was a fictitious, futuristic concept, but it is effectively what we have today - and it is a path dependent system."

"What is a path dependent system?" asked the CIO, not waiting for my answer. "Take the male driver when lost. Despite all evidence around him, the male believes he is not lost. He is, of course. And yet has no need for a map. The male is merely taking a different route, maybe a better a route to the same inevitable, incorrect destination. That destination being equilibrium.