The IMF or International Monetary Funds recent damming admission that it sold Greece down the river, or more accurately the Greek people, is shocking but not surprising. Its own watchdog went on to describe a secretive, group think culture convinced of its omnipotence. It like so many other so called experts in the post 2008-2009 financial crisis period is oblivious to the perils of debt, apparently convinced that the debt funded growth model can be continued indefinitely. Never mind common sense or the fact that anyone with a grade school education can figure out that once debt service costs overwhelm income, default and bankruptcy are inevitable. Something the world is going to get collectively rammed down its throat as the unfunded liabilities game reaches its inevitable conclusion. Japan is the leading example here, 25 odd years later and countless stimulus programs, all they have to show for their efforts is a steadily growing and record level of liabilities as debt is one of the very few things actively growing anymore. Frankly, the pretense that their unfunded liabilities and debts, like the rest of the worlds developed economies, including ours, are actually going to be repaid is at best wishful thinking and to be blunt outright fraud or put another way, plain old fashioned Ponzi finance.
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