"I believe the next significant increase in monetization will probably signal the last and probably biggest leg of the long-term debt cycle’s reduction in the values and burdens of debts.

Said more simply, central governments took on a lot more debt (so their balance sheets deteriorated) and central banks printed a lot more money (which caused inflation to rise) and bought a lot of the debt to get money into the hands of the private sector which, as a result, is now in relatively good shape financially. "