Can anybody explain to me like I'm five why this isn't just Keynesianism working as expected, as it did globally in 2008 (where the world didn't do enough of it in retrospect) and 2020-21 (where the world did a bit too much in retrospect)?
It is Krugman's baby sitting co-op. https://slate.com/business/1998/08/baby-sitting-the-economy....
However, it is also different in the sense that it remains very close to classical economics in every aspect other than money.