The elephant in the room if you ask me is higher taxes & in particular that international corporates start paying a reasonable share of the tax load. This of course is politically unpalatable & if was ever implemented would have a massive impact on corporate earnings, valuations & stock markets. IMO its the only way that governments can get their debt burdens reduced to a manageable level. Unfortunately I don't think this will happen as there isn't the political will & in particular in the US where corporate lobbying is an art form. In Europe perhaps there is more appetite & some hope that they may pressure Washington to follow suit, although only under a US democrat government is there any chance of success.
