Most experts think Greece’s debt is unpayable and must be written down, yet the ECB has to date been unwilling to do so. Why?
I have been arguing from intuition that they can’t. This article provides some data to explain the impossible situation Europe faces.
Tim Garrett has shown that there’s no way out from catastrophic climate change. I think it’s also becoming clear that we have no way out from a peak oil debt driven economic collapse.
So what’s going to cause us the most pain first?
My bet is on economic collapse. But the climate is putting up a pretty good fight and may pull ahead. Or maybe the climate will trigger an economic collapse.
All roads lead to the same destination.