There are only three ways of trying to handle a mountain of unsustainable debt.  The options are:

1.  Maintain economic growth at a sufficient rate to service the debt.  We believe this is grossly unlikely.

2.  Repudiate the debt.  Since we also operate within a debt based monetary system (in which money is lent into being by banks), default broadly equates to Armageddon.

3.  Inflate the debt away.

Tim Price

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