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You might want to define a custom Exception class for this - it looks like the current implementation will confuse KeyboardInterrupt and unrelated functional exceptions as an attempt to recurse.
Next step: tail-recursion optimization
Cool hack, but a-huy is right: a naked except clause? Tsk tsk..
Can't wait for proper recursion now!
a custom exception is not needed, the exception problem can be fixed by reducing the scope of the try block and using some messy branching or a tidy little goto.
I think you can pass __next_arg via exception params instead of stackify object state.