What we are seeing in the USA in terms of government debt dynamics is also happening in the eurozone. France, the eurozone's second-largest economy, ran up a government deficit of 5.8% last year, compared with 5.4% in the previous year. This year, the 6% mark is unlikely to be held! After several elections, the country is in a political lockdown and there is no sign of any political competence to stop the spiraling national debt. The same applies to the other major economies in the eurozone!

The introduction of the cbdc announced by the European Central Bank for October indicates where the journey is heading: capital controls to bring about an orderly national bankruptcy. This can be done either by bail ins or by inflating government debt, which is of course doomed to failure. What the central planners do not understand is that complex economic processes cannot be controlled centrally! With its trillion-euro new debt program, Germany will join the league of highly indebted countries in Europe, and that is just to kick-start the economic engine of Europe's pseudo-economy. Once this Keynesian flash in the pan is over, things will quickly go downhill.