Headlines offer us this gem, “Markets worldwide have tumbled on fears over global debt “ and the answer is, “Meanwhile there were reports the European Commission will discuss so-called eurobonds, in which the eurozone issues debt for all its members.”
I am astounded that these idiots can't understand that if you are bowed down and cowed with debt, you have to stop trying to borrow and gamble your way out. These worthless "bonds" are not promises to pay the bearer anymore because it begs the question, "With what". The answer is future growth earnt by future earnings and production. At least that used to be the plan.
What is not considered is that this plan is no longer valid. Bonds due for maturity now, used in the past to fund vote winning bubbles and booms, are in danger of default today. As Bonkers Midget Byrne said "there's no money left". The cost of building this bankrupt EU is a major factor as to where all the money has gone.
Not only on buildings, bureaucracy and bungs but into a vast web of corruption that is still not fully understood. So what's to happen? My view and one shared by many, one example here but there are many more, is that it is already in it's death throes.
One thing is for certain, all this debt will cause pain and suffering. Just as post military conflict does. We can but hope that the rich and mighty who have profited so far are forced to suffer with the rest of us. I'm no socialist or communist leftie pillock but surely any sensible brain can figure out that the obscenity of colossal individual fortunes is not enhanced by the starvation and deprivation of millions and millions of human beings. Let's face it, politically motivated, corporate greed has got us to this point. Unless the architects are punished alongside the builders flattened under the rubble of this collapse, there is little hope of a new direction and single storey buildings.
I close with this thought. Globalisation was created to spawn the "Too big to fail" meme. Guess what? It isn't, any more that than the EU. A grand plan, about to show us all that its poor philosophy and its inherent weakness, is run and was created by, small minds. Some things are simply too big. Debt is one of them!