-->>> Both the debtor and the lender maintain their lifestyle through the existence borrowing.
The lender hardly has to work at all, the borrower can never catch up. Once the borrower collapses, the lender must collapse, too.
For the people not lending or borrowing (a very small minority) there is no crisis, but most people are on one side of the equation or the other. Franklin was right! Neither a borrower nor a lender be.
Since government's are in debt with bonds, etc., we are all in debt by proxy, with or without inflation. Since the government is investing (pensions, etc) it is lending to businesses; we are lenders by proxy, too.
The Fed is trying to keep the lenders in the lending business, the businesses are trying to borrow and get customers to borrow to buy their goods. Everybody is pleading with the government for relief, which forces the government (the Fed) to lend more, thus accelerating the cycle it most needs to reverse. But reverse has the same ill effects as going forward.
If the lender stops lending, he will collapse. If he keeps lending, he will collapse.
If the borrower stops borrowing, he will collapse. If he keeps borrowing, he will collapse.
If the borrower stops borrowing, the lender will collapse.
If the lender stops lending, the borrower will collapse.
Because every transaction is creating inflation (buy low-sell high) eventually the borrower must collapse.
Everything will eventually grind to a halt There is no third alternative on the table.