The choice is now between the present unevenly distributed long term pain, which Europe and the US in particular have, and more acute, but shorter term pain, in which the present system collapses and everyone takes a massive haircut, but a new fairer world monetary and banking system is negotiated, and the world embarks on a new period of sustained growth, fuelled by investment in real wealth-creating investment, not the present gambling which is only designed to transfer wealth to the banking and finance elite.
23.