If the economy refuses to be resuscitated after government borrowing/spending, tax cuts, money printing/stimulus/QE, what else can be done?
Debts and toxic assets in a system may be transferred from one party to another, or from one balance sheet to another, but they'll never simply disappear into thin air. They're always there, waiting to be paid off or sold at a rock bottom price.
Business companies and individual debtors that are unable to repay but are forced to pay may choose to write off debts by filing bankruptcy. Small countries that are broke could be bailed out by big countries.
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