I know this is not not popular wisdom: A Greek or other European financial basket case bankruptcy would probably be the best solution and their populations, and the United States.
It would actually be the best medicine for the world, despite the gloom and doom portents being given. The pain would be severe but short lived. Not much more than what is still festering after the current efforts.
The result would have been the lesson Greece, Europe and the U. S. desperately need; that you cannot avoid living forever on air or the productive energy of other taxpayers. Debtors would learn to tighten their belts today, not down the road, tomorrow.
Bailouts always fail except for politicians in office who keep kicking the solution-can down that road.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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