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View Diary: Ireland ready to take the Euro hostage (256 comments)

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  •  It's called complete global financial collapse... (1+ / 0-)
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    HamdenRice

    It would be an absolute disaster.  You can't just "reset" debts.  

    •  See (7+ / 0-)

      What can't continue won't continue.  Do you prefer to make current and future generations into debt slaves, living under the yoke of austerity to the benefit of the oligarchy?

      Our system appear to be unsustainable anyway.

      We have an aging population in most industrialized nations, with China aging fastest of all with their one child per family law.

      We have massive debt overhang from past expenditure plus the future cost of providing the growing elderly population with some kind of subsistence without killing the young with debt peonage.

      We appear to be past the age of easy, cheap oil, which makes it more difficult to do everything, including providing sufficient good quality calories to the population.

      Oh, and there is that little thing called global climate change, that means a likelihood of more/worse natural disasters, more disease, and additional pressure on food production.

      We need to declare bankruptcy and be free of old debt so that we can devote current resources to current problems.  Or not and we kick the can just a bit farther down the road.  Until we can't kick it anymore.

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