Civilization, in every generation, must be defended from barbarians.
The barbarians outside the gate, the barbarians inside the gate, and the barbarian in the mirror...
Spot on analysis.Might be too dismissive, though, of the pain involved in getting back down to a relatively unleveraged state. It WON'T be pretty. Nor, at the end of the deflation, will the little people feel any better about themselves. They'll still be just as poor and beholden to rich folk as they are now.
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