[Orangedog]

Unfortunately, when debtor nations collapse, their government usually turns dictatorial. Governments will do anything and everything they can to survive. This won't be like the last depression.

[headsonpikes]

"This won't be like the last depression."

I agree - that was a depression in an essentially capitalist world economy. The values of Western Civilization were devalued and scorned, and new modes of living - fascism, communism, and New Dealism, were touted as solutions to the economic problem. The rest of the 20th Century was consumed by a struggle between the various socialist systems to achieve supremacy. When socialist systems collapsed, such as the former Soviet Union and its satellites, there governments turned belly-up; there was no wide-scale repression.

When this next crisis arrives, governments will lack faith in themselves and in their solutions - real change will be possible if the moment is seized by the youth of America and other nations.

Call it a revolution, if you will.

This next depression will be a depression in an essentially socialist world economy, in which governments make the economic decisions - over half of the world economy goes through government hands directly, and virtually all the rest is under regulatory control.

I don't know what will replace it, but socialism is going to be rejected.