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Steve,

What you are describing is the end of growth in the Century of Contraction. Without growth there can be no interest, ergo, default, capitalism falls on its face, socialism as well.

So what? Resource depletion, overshot population and climate change means that nothing can stop it. Greece may be the first country to have to roll with the punches, getting kicked out of the world as we have known it when there is still time to do something about it. We'll all have our turn and probably take different paths, unless Greece has time to show us the way. (grin)