and so, instead, eu will default by printing
at some juncture THEY (all of officialdom of this planet) collectively may just well instigate a choreographed 'popular' people power movement to (i) forgive all debtors of fiat money obligations, (ii) make whole all creditors with elastic money, (iii) refill the financial centers, and (iv) announce "we promise not to do it again" in concert, and few would dare complain and expose self as enemy of the people and rebel against the state.
the soc gen 'worst case' canot be the worst case, because it can be nullified with a few computer key strokes as and when enough are properly frightened and or properly motivated.
fiat elastic money is wonderful, because it allows mistakes of just about any size, by any single nation, i.e. zimbabwe, and even more efficacious when used to allow mistake on galactic basis.
yes, gold may get to 6k/oz when its trading is outlawed, and when so, rice could be priced at 7x current benchmark.
we have been wandering at the edge of no-person-land since 1999, and now, in a surge, we enter, wondering would happen next even as we know what eventually must happen. |
