Great article with insight which explains, rationally, that recession and depression is the preferred choice of creditors when dealing with inflationary uncertainties of the alternatives to maintaining a state of recession/depression.  It goes without saying that unless creditors are faced with a greater risk of loss (than by risks of inflation) they will invariably prefer to minimize risk of loss over gains if gains increase risks of inflation.  The greater risk of loss (than those of inflation) is only when those not in the creditor brackets become a greater political force (in a democratic representative gov't), or threaten revolution.

Hence, since creditors have majority control of political processes, fiscal and monetary policies that would put an immediate end to recessions and depressions, but which then also bare the risks of inflationary pressures, aren't going to be implemented at the level necessary.  The article uses empirical fact over time to support the assertion.  All in all a great article.