It is time to bring out a good Reinhart and Rogoff debt scare. Excess credit is a global problem, and debt usually piles up during war. There is no war, but governments are still spending and borrowing. There is a war on for consumption today in exchange for payment in the future, and debt will have to be paid, or it will be revalued lower. The easy answer is default or inflation. It is just a matter of timing.
The consumers and debtors outnumber the creditors, so it is unlikely the creditors will win this war.
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