Via XX. INTEREST, CREDIT EXPANSION, AND THE TRADE CYCLE – – Mises Institute, which I recommend in full, old advice on our present situation:
The wavelike movement affecting the economic system, the recurrence of periods of boom which are followed by periods of depression, is the unavoidable outcome of the attempts, repeated again and again, to lower the gross market rate of interest by means of credit expansion. There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
See also Kaleidic Economics’ plot of the growth of the money supply over the last decade or so. More of that fresh thinking in economics would not go amiss.