although in Australia's case is "miner observation":-) - in general - it should be "minor observation"....
Menta,
No government or central bank 'wants to reflate to credit bubble'!
No government will ever underwrite or guarantee all the credit (inclusive all private debt).
No government and no financial agency by itself will agree to a unilateral reset.
Sorry for writing one-liners, no time for more.
Menta,
We do agree that the global monetary system has become immensely complex. And the world never had so much debt. However - it has never been economically so developed.
