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    Post 21
    David, in 2006 I gave the EU 5 months maximum before it would declare bankruptcy, but had been already predicting it on 2002. At the time (2002) I was aware that only through massive money-printing could the system survive an extra 10 years or so.
    The actual physical financial collapse came in 2008, and since then it's been down-hill all the way.

    What we have now is called a ponzi scheme, also a pyramid scheme. There is no way we can ever put an end to the national debt by conventional ways, neither here nor in Europe.
    Not only this, but the interest on the debt is so high, that it (the interest) alone requires more borrowing to pay it off.

    Practically the same applies to private debt.

    As you rightly point out, any economist who does not see this and admit it, is not an economist.

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