A Worldwide Debt Default Is Coming

I did not see the solution. Maybe because whats really going to happen is to ugly to paint out in an article. As he said, the government is going to take the money where it finds it. Expect large scale expropriations in the form of property taxes and reduced payouts by the government. This will push global economies into a tailspin with the effect that energy consumption will drop massively and the most expensive forms of energy will suffer most. Where would that put the oil price – your guess.

The US government on-budget deficit was $100.5 billion in October. It was $63.2 billion in the same month a year earlier. I see little hope it will reverse.

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