That's proven to be unsustainable – and when this dawns on Western nations it will come as a great surprise to many millions of their citizens. How can we be out of money when we still have plenty of checks?!
Focus on the words "impossible," "highly disruptive," and "necessary" below and then be sure to read gman's answer to Tamil's question in the comments:
Given that the obligations of the US government, as well as most of the world’s other large economies, are now impossible to repay and that their reserves are just IOUs backed by nothing, the stage is set for a highly disruptive but entirely necessary do-over of the fiat monetary system."Monetary Madness - Is the US Monetary System on the Verge of Collapse?" By David Galland, The Daily Reckoning, 10/18/11.
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