Why has the western media blacked out this development?
I’m with Zeus Yiamouyiannis on this, an orderly and managed Global Debt Jubilee is the way to go.
The alternative is a very ugly Tyler Durden/Nations go to war to settle the books scenario, (like the one China’s no doubt already has got all planned out in the case of the US defaulting on it’s $1.5 trillion buck Note), playing out where 10s if not 100s of millions will die. Nation’s have gone to war for less, and if China ever gets into their heads that they’ll never get back the trillion bucks that they’ve lent the US so far, they’ll find another way to settle the Balance Sheet.
This is Part 5 of a series, the other 4 essays are linked at the bottom.
In particular Zeus’s discussion of the trillion dollar Student loan Debt Bubble in Part 4 should be required reading.