Never in the history of mankind has there been a global debt bubble of the current magnitude. This has all been enabled by a fiat monetary system, which has been grossly mismanaged through the exorbitant use of the printing press. Nowhere has this been better demonstrated than in the United States, which had a moral responsibility to temper her fondness for debt, because of the extraordinary privilege accorded to the U.S. dollar as the world's reserve currency.
This monstrous debt bubble has now exploded and effectively, many countries, their corporations and their citizens are now bankrupt. There is a masquerade of solvency which is currently being showcased, but how long this charade can be maintained is anyone's guess. My guess is not for long and by that I mean months, rather than years.
Another warning of dire consequences should we continue to squander our resources. Have we crossed the point of no return or can we return to our senses and save the day?
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