Grav, all that you say is true, except that I disagree with your...

Grav, all that you say is true, except that I disagree with your " the least destructive option is to print the debts away. "

The unrepayable war reparations debt was the cause of the hyperinflation, and thus the misery, and thus the sowing of the seeds that led to the rise of Hitler. That all happened over a ten year period. Germany then was thoroughly steamrollered by the Allies into the debt, and it is doubtful if they could have defaulted without other sanctions being imposed to punish them for the war.

I would prefer to see default from the sovereign nations, rather than printing. Everything that has been done since the eighties to kick the can down the road with more and more printing has only led to the situation intensifying. What is wrong with defaulting? At least you won't have to invent a new currency, the whole issue can be resolved globally within a few months, and we can start rebuilding the economies. Savers funds can be guaranteed by govts., a small amount of printing to preserve the wealth of those who have been prudent, and that can form the basis for some investment (instead of savers losing all their money due to inflation).