Quote:
Originally Posted by Oberon
That, mein freund, is the $14 trillion question, and I don't think there's anyone on this Earth who can tell you the answer.
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But I can guarantee you one thing: the debts in existence today will never be payed back in compliance with the currently formulated rules. No politicians seriously intends to seriously try to pay back these stellar ammounts of debts. Not in America. Not in Europe. Not in Japan or elsewhere.
The 20th century has seen over half a hundred hyperinflations, with the German one after WWI being the most famous. And all major powers in Europe in the past 500 years have defaulted not just once, but several times. The record I think is held by Philipp IV. of Spain in the 17th century, who managed to go bankrupt FOUR times during his four decades-reign.
The vast majority of these crisis were caused by costs of wars, resulted in wars or were tried to get rid of by wars.
what it comes down to, is this: states act as if the words "debtor" and "credit" have no meaning for them at all and the moral obligation to pay back what you have lend is a demand not valid for states. States instead try to prevent banks and markets to react to the increased risks such an uncredible credfitor means: by raising the interest rates. If you commit a crime and police investigators are on your track, dismantle the police and delete according laws - it pays off to be a legislation and taxation monopolist. Problem solved.
And that will lead to nothing good, and will go on at the cost of the young people (with the not so young doing their share to maintain these circumstances, agreed - I see no innocent victims in the West's drama anymore except little children. We all are accomplices in crime).
But we can resist to play by these rules for selfish reasons, within the limits of our personal little life's meaning. That way, maybe, we become a little bit less guilty. But friends we make that way - not. More likely that we will be attacked for daring to dirty the nest with our rejection to solidarize ourselves with the immoral acting of the mobs and leaders.