Comment by Bocopro, who typed in the following to this post at Western Hero and particularly appropriate now that Greece has defaulted on a 1.6 billion euros debt payment to the IMF and has rejected the European Union's bailout offer:
Greece, Portugal, Ireland, Puerto Rico . . . these are the rumblings of what before long will be a great global Vesuviusing, with nationally fatal pyroclastic flows, intercontinental ashfall, planetary climate disruption, mass migrations, riots, starvation, hysteria, disease, and unending strife.
China, Russia, Europe, South America, and the US will flounder and drown in the morass of debt in the gazillions while their GDPs barely make it to the brazilians. Hurricanes of speeches and tons of promises won’t prevent a single balloon payment or cancel an ounce of debt.
Debts are like bastard children, begot in pleasure of the flesh, then brought forth in great pain and handicap. To promise fabulous socialist entitlements based on flawed arithmetic is to enslave the next generation who will inherit the budget shortfalls. And interest on debts grows without nourishment or watering.
The US central government seems to believe that a day will come when all debts are forgiven and everyone will live in some kind of utopia where self-replicating, self-repairing machines provide us with all our needs sans cost, where exactly-the-right-size Levis suddenly appear on shrubberies and meatball sandwiches flow from giant cornucopias in converted supermarkets.
At seven-point-five decades, I may already be safely under ground when the debt tsunami hits, but my grandkritters and their lot will be forced to pay for the mismanagement of thousands of politicians who tried to run cities on splenda, states on saccharine, and nations on nutrasweet.
Our entitlement systems, whether the leftistas choose to believe it or not, are not sustainable unless we discover the trick to turning hot air into gold. As Hamlet tells us: “I eat the air, promise-crammed. You cannot feed capons so.”
Meanwhile in China: BROKERAGES ANNOUNCE PLAN TO PROP UP SHARES.
Also see this (Click directly on the graphic to enlarge it):
Please discuss in the comments section. Got a crystal ball to check so as to see what's coming next?