Looks like a Star Trek base dock of debt. Beam me up Ireland?
AFAICS, there are two options:
1) the ECB, or individual countries that leave the euro, keep printing (ie stealing from the public) to support the debt bubble until high inflation destorys their middle class savings, the poor’s earnings and wipes out the value of the pensions resulting in an inflationary depression that potentially lasts many decades
2) they let the debt bubble collapse and most pensions, banks savings and state welfare disappear but non bank savings of the middle class and earings of the poor are maintained and the economic recovery only takes a few years
As politicians and the public tend to make short term decisions, and the banks can grow very wealthy with more money printing, I’d bet on #1.
If that’s the case, there will be no single debt collapse but instead a number of collapses which the governments will try to pave over with more money printing. The public won’t realize all that money printing is actually stealing from them until it’s too late and they notice that it’s getting hard to afford food and gas. Then they’ll blame “the free market” instead of government for the high prices and things could get ugly as they demand price controls which lead to mass shortages…
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