It’s good to see Nicole Foss writing again. This is one of the better articles on Greece I have read.
“Crisis may be postponed, but at great cost. It cannot be prevented. Once a credit bubble has been blown, it will eventually implode, as all structures grounded in ponzi dynamics do. When it does, as we have noted before, politics will get much uglier no matter which part of the political spectrum comes to power.”
I agree with every word that Nicole wrote, and yet there is a layer of truth missing.
Everyone is broke. Everyone is living beyond their means. Everyone’s means (energy, climate, soil, etc.) are in decline. More debt is not a solution for anyone and will only make things worse. The only peaceful path forward is voluntary conservation and population reduction.
Put another way, everyone is drawing down their capital. Those with the most capital (Germany) can extend and pretend a little longer than those with the least capital (Greece).