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The basis of the Kondratieff wave (i.e., the down parts of it, which is why there is a "wave" at all) is a clearing out of the system imbalances (primarily debt) built up during the economic growth, which (then) has to be cleaned out at least somewhat during the downturn.  Some of that happens during the smaller downturns along the way, but the big clean-out happens during the deflationary depression at the end.  Simply put, imbalances build up along the way and have to be compensated for by having downturns.  In the Kondratieff wave, there are small downturns along the way to clean out some of the imbalances.  This time, the government is trying to prevent the big downturn from happening because it would be so painful (relative to the smaller downturns that have happened along the way already) - but that is just causing the imbalances to build up all the more, so when they finally overwhelm the system, it is going to be a really, really big downturn. 

Keynesian economics (which is the kind of economics taught at most American universities) does not accept the Kondratieff wave because the basis of Keynesian economics is the idea of staying out of downturns as much as possible and making them as short as possible when they happen. 

The reason why the Kondratieff wave happens is because it is part of human nature for imbalances to build up during the good times (if it is at all possible for that to happen in a particular society - for example, it won't happen in communist ones) and then those imbalances get wrung out when the time comes.  This time around, the authorities are trying to prevent the final wring-out from happening.  But, as noted above, the Kondratieff wave is a natural cycle that cannot be stopped, only postponed - and the longer the bad part gets postponed, the worse the consequences will be.