This is what happens when, thanks to a semi-global populist uprising and the slow demise of Western democracy, a lunatic feels like it’s ok to threaten default on €1.7 trillion in government bonds…
(SocGen, my additions)
Take a bow populism…
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SMH…populism is (technically speaking) democracy! Collectivism with a popular nationalist grievance…risking a collapse of the financial world order is not an unintended consequence; it’s an agenda item. One that even capitalists can see as a worthy, if messy, reset of the central banking cabal.
“One that even capitalists can see as a worthy, if messy, reset of the central banking cabal.” Somehow I imagine that will be small comfort to the millions upon millions upon millions of people who will see their retirement portfolio collapse if France were to default.
So reading of how things are really like in economic collapse http://ferfal.blogspot.com/2008/10/thoughts-on-urban-survival-2005.html A world only Walter could love.
So who got us into this mess? The “it wasn’t me” crowd is rather large and probably going to get larger as the rats scurry from the ship. OK everyone, all you have to do is pull yourselves up by those bootstraps we took from you.