It's been a surprise to me also just how long this has been going. As other posters have pointed out, there is plenty of evidence it's all going badly wrong for those prepared to see it. Ultimately, maths wins. But I just don't see a default in the true sense for the US, Japan, UK, Euro-zone. Regardless of inflation, they will just hit the button and "print" more money. There are numerous schemes already in place to manipulate liquidity and solvency in the financial system (see Lynn Alden recently on investment banks arbitraging the Fed). So maybe talk of a default is a distraction. We should be more concerned at what policy steps will be taken to avoid default?! Obvs it's all speculation at this stage. All pov are valid.