What are the alternatives?
I’m assuming that we’re past the point of no return, so I only see default, austerity, and hyperinflation as possible outcomes.
Austerity won’t work because the bureaucracy won’t be cut, and tax hikes will drive the economy underground, resulting in a permanent depression.
Inflation would reduce everyone’s wealth, create a barter economy, and a lengthy depression.
Austerity punishes those who trusted the govt to pay its debts. And no one would lend us money again. It seems like the best option.
“Austerity “ should be “Default” in last paragraph.