The actions taken in the last two years have a=guraenteed it will now be much worse than it would have been. But it will only get worse th longer we wait.

Debt repudiation is the end game. Not rescheduling just repudiating. Africa should do it NOW. Soshould much of the rest of the poor world. Now would be their moment. But they won't because the bankers are advising them

Are we not so far along now that it would be better for the tanker to smash through society so we can start again?

Surely if this issue of solvency (and i agree with your analysis above of the liquidity lie) gets called in and the music stops, wont the banks no longer be able to avoid taking some massive losses; as they should. Also in this scenario what would governments be able to ring fence? certain savings and assets? Or is it too catastrophic for that?

Basically, what i mean to say is, since the financial class have been playing the general public shouldnt we now be hoping for a financial disaster even their slipperiness cannot avoid?