Time to default?

[Workingman]

Maybe it is. Maybe it is time for all the world's debtor countries, including the USA, Japan and the UK, to jack it all in. The debt is only numbers anyway, it is not money with value. So, hit the reset button and move on, then start again.

The 'debt' is unlikely to ever be paid off completely.... even the interest payments are beyond some economies.

[Suff]

Well that's OK if you don't have a pension and don't have investments locked up in property.

For the other 50% of the population, it's a bugger.

Also, if the governments want to default on all their debt then why shouldn't we default on all of ours too. Mortgages, credit cards, car loans, the lot.

Let's have a total reset and then we can go and do it all over again in the next 100 years

Honestly, there will be defaults. Iceland has already done it. It was incredibly painful at the time, many, many people lost their shirts, but, in the end, they are thriving on the aftermath. Cyprus may go the same way. In fact I would not be surprised if Russia didn't really want Cyprus to fall and then Greece to follow in short order when they see that Cyprus doesn't suddenly vanish into the med. Although that would leave China in the driving seat and Russia probably wouldn't like that too much...

We are certainly living in interesting times. However this is the first time that this has happened in a post nuclear age. Pre nuclear and there would have been several major wars already.

Anyway, the near record high keeping the Arctic and Greenland warm is much more interesting than the dying machinations of an increasingly entrenched and embittered Euro Elite. After all it's giving us snow and winter in March. How much more comforting could we get than that???