The norm is for governments to go bankrupt over in the extended periods of time including the countries which are on top. It's happened throughout history.
After the First World War a hundred years ago U.K. was the richest most powerful country in the world there was no number two, well I can remember when the U.K. went bankrupt two generations later, three generations later could not sell long term debt I.M.F. had to bail them out.
You're not old enough to remember when the French were like that or the Spanish or the Dutch, everybody has been on top – well not everybody – but many people have been on top one time or another they've all gone bankrupt.
In 2008 Bear Stearns disappeared, Bear Stearns had been around over 90 years. Lehman Brothers disappeared. Lehman Brothers had been around over 150 years. A long, long time, a long glorious history they’ve been through wars, depression, civil war they've been through everything and yet they disappear.
So the next time around it's going to be worse than anything we've seen and a lot of institutions, people, companies even countries, certainly governments and maybe even countries are going to disappear. I hope you get very worried.
