I find the current monetary context unprecedented and baffling. On one hand there is no significant inflation, or even deflation. This is occurring against a backdrop of continued dollarization; many countries that do not even do significant business with the US, like Malaysia, are basically converting their wholesale distribution and economy into dollars. At the same time growth seems stagnant with global commodity consumption remaining at similar levels year after year. State-incurred debt seems to be constantly growing, balanced by reduced commercial debt and tightening, which, I guess, is caused by low interest rates giving banks no incentive to lend.
It is hard to find any parallels to these conditions in history, sort of the black swan theory of macro economics: every age is different.
Is there any way to relate the current context to classical economics? Did the classical economists (Adam Smith, David Ricardo and John Stuart Mill) describe or analyze conditions like we have today and explain them?