[Skybird]

https://translate.google.com/transla...kensystem_bebt

But what is the way out then? As I see it, the absolute debt of almost 300,000 billion, which means a relative debt of almost 400 percent of global GDP, sooner or later inevitably leads to a collapse of the financial system, because such a mountain of debt cannot realistically be removed. What does that actually mean?
First, it is said that in the last decades in which this mountain of debt has arisen, we have created huge sums of money that are not sufficiently offset by real values. Second, it means that there has been no economically profitable use for a good part of these funds, but that the debtors have wasted the money and will be unable to serve the creditors. Therefore, the mountain of debt will have to be removed by a huge wave of bankruptcies.


It has always been so , as the excellent analysis of credit history over the past 800 years by economists Carmen M. Reinhart and Kenneth Rogoff shows. Nobody knows when that will happen, because prognoses never work in complex systems, you could just as easily try to predict when you will fall in love again. But if the scenario described above occurs, bankruptcies of up to 30 percent of all companies with corresponding mass unemployment can be expected; on the way there, the banking system collapses under the pressure of write-offs and becomes insolvent and illiquid itself, and payment transactions then fail.


Whether this scenario occurs suddenly or gradually, as the G30 paper implicitly suggests, which suggests making the bankers the " inner party " of the new financial socialism, does not matter. Because sooner or later the states will be forced to nationalize the banking system and introduce sovereign money as in the GDR. The state determines the amount of money and distributes loans to the companies. Many see it as inevitable that this will happen because of the huge financial difficulties. One of the main demands of Karl Marx in the “Communist Manifesto” would then be fulfilled.