“Or we can take the non-voluntary out, which will lead to a hot WWIII.”
What is your analysis to WWIII?
The tulip bubble did not lead to war.
Most bubbles do not lead to war.
This is not really history repeating itself. We are much more interdependent than in the past.
Look at all the “arrangements for war” that are being done all over the world right now. To me, the ONLY thing that would prevent war is if all the leaders who have any stake at all in the economies staying relatively healthy would never start it, or that they all subscribe to the “we learned in the 20th century that war is not the solution” concept.
But even then, it only takes one rogue with “nothing to lose” to start it. And if they believe the potential foes in such a conflict would not get involved in a “local” fight, they would be even more inclined to start it.
Remember, Hitler was only attacking a few countries and wanted “living space”. If he had limited it, he would have won.
The price of oil is KILLING a lot of countries. The soviets come to mind. If they get desperate enough...
Did you ever read the Clancy book, Red Storm Rising? In a real way, it parallels what is happening now.
And if we monetize our debt, that may tick off some of our creditor nations like, um, china. Aren’t they doing a bit of saber rattling over there? Something about claiming islands and a recent aircraft carrier.