yes hello to New York and thank you for pointing out the article. in fact, at the heart of it is the question I've been asking myself for years: is this rising, accelerating national debt sustainable in any way? And I think the article provides an answer: no, it is not. The question is: has the situation remained stable until now? In my opinion, no. It correctly points out that we have had several geopolitical crises - the 2008 collapse, the dot.com bubble burst, etc. - each of which would have led to sovereign default. Each of these events would have led to national bankruptcies and a serious banking crisis, which we would have had if the central banks had not intervened with incredible aid packages and liquidity programs, the most serious crises. In other words, we already have proof on the table that these debts are not sustainable. Large sections of the population have long been feeling this in their wallets.

You just have to ask yourself the question: what would happen if there were no debasement of money? Would there be no emergency insurance provided by money-printing central banks, which in case of doubt would take any scrap of debt onto their balance sheets? This inconceivable form of moral hazard means that we have declining productivity rates and that the state systematically pushes back the private sector and allows its own bureaucracy to grow. And it should also be mentioned that, strangely enough, the major crises in the financial sector of the public debt sector always coincide with geopolitical events that we would describe as black swans. at this point, i leave it to each individual to think about what means the deep state and other theoretically existing institutions that stabilize this system would resort to if a threatening collapse were to occur. The book The Fourth Turning does indeed offer a balanced insight into historical credit cycles, geopolitical consequences and recurring patterns of action by states. I think that the theses of this book are also reflected in some form in this article and we must assume, to summarize briefly, that we will experience accelerating measures of fiscal and monetary policy, like Keynes on drugs.