Anyone who thought the national debt problem in the United States was dramatic should turn their attention to the Europeans. The dysfunctional eurozone is drifting further and further apart. While the North still has its debt halfway under control, with Germany at around 80% of GDP, the national debt of the South is going through the roof. Italy in particular, as one economic heavyweight of the eurozone with 173% of GDP, has the potential to become a major explosion factor in the coming crisis. If this economic pillar falls, the eurozone can no longer be saved.

The European Central Bank is facing a difficult few months, considering that it is taking on massive amounts of debt while the economy is still bobbing along at a reasonably stable pace. If the recession accelerates and tax revenues collapse, things will go dark. Fiat pumps will be running hot in order to carry the junk debt of these socialists into the future.

Kamala Harris set the direction during the DNC: unrealized profits are to be taxed, corporate taxes will continue to rise, and in general the fiscal burden will increase massively, whether through direct taxation or through inflation.

A small side note: it is interesting that it is Russia of all countries that has a national debt under control. It is still a mystery to me how the Europeans in particular could presume to intervene in a war that a) they could not afford and b) was already lost from day one for various reasons, if you look at energy availability.